In this article, we’re discussing how to find and open the best savings account in Ireland.
This article is part of our free series on banking in Europe, ranging from the best savings account in Ireland to opening with Montenegro banks as a non-resident, click here to learn more.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Best Savings Account Ireland
- Who Can Open a Savings Account in Ireland?
- Features to Look For in Savings Accounts in Ireland
- Frequently Asked Questions
- Ready to Explore Your Options?
Best Savings Account Ireland
The best savings account in Ireland for individual accounts can be accessed at a number of Irish banks or building societies. However, the specific factors that can lead to one savings account being the best over another will vary for each applicant. So, we encourage applicants to consider all of the available options before deciding where to open.
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Who Can Open a Savings Account in Ireland?
The specific client groups that can open a savings account in Ireland will vary by bank. However, all banks (and building societies) will accept Irish residents. In certain instances, non-residents may also be able to open accounts.
The standard requirements for opening a savings account in Ireland include being at least 16 years of age, providing a valid government-issued identification (e.g. passport or driver’s license), and proof of address in Ireland.
Features to Look For in Savings Accounts in Ireland
The specific features to look for in a savings account in Ireland are the same features that you would look for in a savings account anywhere in the world. In other words, you want a stable bank that offers reasonable rates and a time horizon that matches your objectives.
Here’s a closer look at some of the key features to consider in a savings account:
Interest Rates
As interest rates rise globally, the interest rates being offered by banks across Europe to depositors are starting to increase. This means that the best savings account in Ireland just got even better.
However, it’s important to point out that not all banks offer comparable interest rates. And, different accounts and durations can result in significant differences in the interest rates offered to depositors.
Fixed Term Savings
If you are seeking longer-term savings accounts, you may want to consider a fixed-term savings account. Fixed-term accounts earn higher interest rates thanks to the longer-term commitment that the individual is willing to make to the bank.
However, if there is a possibility that you will need access to your capital in short to medium term, you will need to make sure you select an appropriate time horizon for the deposit.
Low to No Deposit Account Amounts
Additionally, many savings accounts have required deposits in order to qualify for the available interest rates. This is especially true with fixed-term deposits which have tiered rates based on the time horizon and value of the deposit.
With this in mind, prospective depositors should consider how much they are willing to deposit and maintain with the bank before comparing options across financial institutions.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to open the best savings account in Ireland. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Are Savings Accounts For?
Savings accounts encourage depositors to save and grow their money within the financial system. In doing so, they receive a higher interest rate to reflect their commitment to maintaining the deposit. On the other hand, the bank benefits from having committed capital on deposit, which they can then deploy to higher return opportunities elsewhere.
Which Irish Bank Has the Best Savings Interest Rate?
Which Irish bank has the best savings interest rate will vary from time to time. However, at the time of writing, Allied Irish Bank offers attractive interest rates on fixed-rate saver accounts with 6-month, 12-month, and 24-month maturities.
Are There High Yield Savings Accounts in Ireland?
There are high-yield savings accounts in Ireland. However, these “high yields” are not as high as what can be found in many other countries around the world. In fact, it is not uncommon to find interest rates two times higher in other countries with stable banks.
Ready to Explore Your Options?
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Of course, if you have any questions, please contact us directly.
