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Compare online savings accounts

The latest roundup of online savings accounts available in Ireland.

If you prefer online banking for your everyday banking, then an online savings account might be a convenient way for you to save. You can access your savings account online at any hour of the day, whether you’re at home or out-and-about.

But how can you find the best online savings account for your needs? We explain what you should consider when looking for the right one and how to compare online savings accounts available in Ireland right now.

What is an online savings account?

An online savings account is an account that you can completely manage online, without the need to go into a bank branch or physical store. This is particularly helpful given the changing restrictions at many bank branches due to COVID-19.

You can access your savings balance via Internet banking or the mobile banking app provided by the financial institution. And due to the flexibility of the internet, you can access your money 24/7.

How to find the best online savings account

The best online savings account will help you manage your savings effectively to suit your savings goal and spending style. There may be more than one online savings account that is ‘best’ for your situation, and what is best for you might not be best for someone else.

It’s important to consider which features of an online savings account are important to you, such as fees, access to your balance, and the interest rate when selecting an account. The accounts identified on this page are some of the online savings accounts currently available, however, there may be other accounts better suited to your personal circumstances.

Online savings accounts available in Ireland

We’ve pulled together some of the online savings accounts currently on offer in Ireland:

The online savings accounts listed are current at the time of writing and are subject to change.

How do online savings accounts work?

You will first need to ensure that you have an active current account that can be linked to your savings account. This will allow you to easily transfer funds in and out of these accounts. Generally, the two accounts must be with the same financial institution but not always.

Once your current and savings accounts are both set up, linking them simply involves logging in to your internet or mobile banking app and initiating a transfer between accounts.

Online savings accounts usually don’t attract any transfer fees or monthly maintenance fees, so they can offer an inexpensive way to build your savings. However, you might be charged maintenance fees on your linked current account so be sure to watch out for this. Although interest on your balance may be calculated monthly, interest is usually paid annually.

Benefits of online savings accounts

Online savings accounts offer a range of benefits, including:

  • You get 24/7 access to your money

One of the best aspects of an online savings account is that you can usually access your money whenever you like. While the accounts are all accessible online via a web browser, most banks make it even more convenient with mobile banking apps. These allow you to monitor your savings activity even when on the go.

  • Deposited funds are safe

Ensure that your bank is authorised by the Central Bank of Ireland under the Deposit Guarantee Scheme: this means your money is protected up to €100,000.

  • Flexible terms.

Deposit what you can and make withdrawals whenever you can. Most online savings accounts don’t have specific terms you need to meet, though bonus interest rates will often require a minimum deposit each month.

Drawbacks of online savings accounts

While saving for a rainy day is a good idea, there are some considerations to be aware of, such as:

  • Needs to be linked to a current account

Many banks make it easy to transfer money to and from your current account. However, some will only let you link a current account from the same institution. This means that you might have to open a new current account just for your online savings account.

  • Minimum deposit requirements

Some banks may require that you make a minimum deposit when first opening an online savings account, or on an ongoing basis. Understand what you can and can’t commit to in terms of deposits to choose the account that’s best for you.

    • Delay in accessing your savings

    You may not have instant access to funds so be you understand the terms of the savings account before signing up for one, especially if instant access to your money is important.

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