We regularly monitor and compare the Interest Rates onSavings Accounts in Ireland. We check the highest interest rates on instant access deposits as well as regular savings accounts and fixed-rate deposits.

What Is The Best Fixed Term Savings Account

The interest rates on Irish deposit accounts in 2021 are still very low. Many instant access accounts are only paying 0.01% interest. On a deposit of €50,000 you would only earn €5 in interest in a year at a rate of 0.01%. After tax this would be just €3.35.

1. Usually, locking yourself into a longer fixed term gets you higher ISA rates. This restricts your access, but is rewarded with a better rate. Here are some things to consider when trying to find the best fixed-rate ISA for you: The interest rate (AER) - obviously, you want the best interest rate for your savings.
2. Fixed – With these types of savings accounts you deposit your money for a fixed term (1 to 5 years). If you want to take your money out before the end of the term you may be faced with a penalty.
3. As this is a fixed-term account, we will be unable to accept requests for a withdrawal before the end of the term. Note that your term ends on the anniversary of the day after the end of the 14-day funding window (if the maturity date falls on a weekend, it will roll over to the next working day).

As a general rule, you’ll usually get slightly better interest rates if you tie your money up for longer. You can get rates that are 80 times bigger than the tiny 0.01% offered by the main banks. Why accept €5 interest on €50,000 when you could get €350 or more ?

Note: DIRT (Deposit Interest Retention Tax) decreased from 35% to 33% from January 1st 2020 – so that will mean slightly more interest for savers. More details of DIRT here

Click on the links below to see the best savings rates on offer in Ireland in February 2021

Indeed, today the top saving rate is available on a five year fixed rate bond, but with saving rates across the charts at record lows, many savers are reluctant to lock into a long-term bond due to future uncertainty and concerns that a rise in inflation will erode their savings.

• Best Instant Access Deposit Rates
  
• Regular Saver Accounts
  
• Best 1 Year Fixed Deposit Interest Rates
  
• Highest Interest Rates on Fixed Terms Up To Five Years
  

You could also earn higher interest with a regular savings account or a fixed-term deposit. But remember, with a fixed term account you may not be able to access your money immediately (or even not until the end of the term) – and there could be a withdrawal fee.

If you are looking at alternative forms of investment – such as stocks and shares – you should take a look at these articles

Best Fixed Term Savings Account 2021

Whilst we strive to maintain the rates and update them when changes occur – customers should double-check with the financial institutions for confirmation of current rates.

Fixed Rate Interest Accounts

Which? Money Compare is a trading name of Which? Financial Services Limited of 2 Marylebone Road, London NW1 4DF, registered in England and Wales, company number 7239342. Which? Financial Services Limited is a wholly-owned subsidiary of Which? Limited and part of the Which? Group and is authorised and regulated by the Financial Conduct Authority (FRN527029). Which? Money Compare content is hosted by Which? Limited on behalf of Which? Financial Services Limited.

All pages and content are the sole responsibility of Which? Financial Services Limited. Which? Limited is registered in England and Wales to 2 Marylebone Road, London NW1 4DF, company number 00677665, and is an Introducer Appointed Representative of Which? Financial Services Limited. We don’t carry advertising and we don’t allow providers to pay to optimise their search results.

The data for our service is provided by Runpath Digital, which has selected lovemoney.com financial services limited, registered in England & Wales to White Collar Factory, 1 Old Street Yard, London EC1Y 8AF, company number 07406032, and which is authorised and regulated by the Financial Conduct Authority (FRN 479153), as its service provider. Runpath Digital and lovemoney.com financial services limited are not members of the Which? Group of which we are part. We cannot guarantee that products listed will be available or available on the terms specified. Please check availability and terms direct with the relevant product provider.

The Which? Customer Score is based on research carried out by the Which? Money editorial team and reflects the quality of service Which? members we’ve surveyed have told us they received you can expect to get from the provider you choose. Runpath has no influence on these ratings. Runpath receives a commission from some of the brokers and providers listed on the Which? Money Compare Site. A proportion of this commission is then repaid to Which? Financial Services Limited. Income we generate from our commercial activities helps the Which? Group to be independent and impartial in how it helps consumers make informed decisions, raise awareness of consumer needs and drive positive change.

If you do wish to complain about Money Compare, please see the full details of how to register a complaint here.