Best Savings Account: Ultimate Review

So what’s the best savings account and why is it important?

Our pick for the best savings account Ireland right now is the Bunq Easy Savings account, offering high interest with instant access. The market leading interest rate, coupled with instant access to your cash and a super easy set up process makes the Dutch equivalent to Revolut a clear winner.

Best Instant Saving Accounts	Bunq	Raisin	AIB	N26	Trade Republic	Revolut
Savings Rate (AER)	2.01%	2.07%	0.25%	1.3%	2.5%	1.70%
Term	Instant	Instant	Instant	Instant	Instant	Instant
Conditions	upto €100,000	upto €100,000	no limit	no limit	upto €50,000	upto €100,000

The rates above are all based on the banks free subscription tiers so are directly comparable, higher returns are available if you subscribe to higher tiers however.

On a €10,000 deposit over 3 years the best deposit rates on the market will earn you over €462 more than the best available with the Irish retail banks.

If you want to get the highest possible guaranteed returns and don’t mind a bit more hassle setting things up then Raisin.com who offer access to savings accounts with high interest rates from across Europe from 1 year fixed up.

If you don’t need any banking features, are investing under €50,000 and don’t need a guaranteed fixed return the German share trading platform Trade Republic is also a great option. Although not a bank like Raisin they provide access to 3rd party banks, allowing you to earn a high rate of return on your uninvested cash, by far the highest on demand rate available.

The deposit rates available from Irish banks rule them out if you are looking to protect your savings from inflation, but with the European players now all falling under the EU wide bank guarantee scheme smart Irish consumers now have some attractive alternatives.

Check out our latest video on how the best savings accounts Ireland 2024 compare for the key facts or read the full article below for all the details.

 

How do I choose the Best Savings Account for me?

Why is having a savings account a good idea? Two reasons:

1. Having a separate ‘pot’ will help you save more
2. You can get a better rate of return on a savings account compared to a current account.

Getting the best interest rate is more important than ever right now due to inflation. A savings account that returns an interest rate of 1% after tax,  will actually lose 2% every year in real terms, when inflation is running at 3%. Getting the Best Savings Account with the highest deposit rate possible is therefore crucial if you are to protect your savings.  

As well as getting the best savings rate there are another couple of things to consider when choosing the best savings account.

• How easy is it to access your savings if you need them in a hurry
• How secure is your cash

Typically the more money you put in and longer you tie it up for the better the interest rate you will get, but think long and hard about how much you can really commit first. 

With an instant access account you get a lower rate of interest, but zero notice access to your cash. Fixed term savings accounts vary from a 3 month commitment right up to ten years or more as a trade off for juicer returns. There is a lot of value in having flexibility, so don’t overreach just to get the highest rate.

According to the latest Central Bank of Ireland banking statistics [1] private households have over €153Bn on deposit in Irish banks. 94% of that, over €142Bn is in instant access accounts. So getting the best instant rate is the most important consideration for most.

You also want to make sure your money is safe, the key thing you need to look out for here is that your savings are covered under a bank guarantee scheme. A bank guarantee scheme underwrites that you will get your money back even if the bank you are with goes belly up.

Schemes throughout Europe usually guarantee depositors up to €100,000 per account so if you have a large amount, splitting your savings up can be a smart move. 

What’s the Best Instant Access Saving Account ? 

These savings accounts give you access to your cash instantly or based on a notice period, but still pay higher rates than with current accounts. 

Best Instant Saving Accounts	Bunq	Raisin	AIB	N26	Trade Republic	Revolut
Savings Rate (AER)	2.01%	2.07%	0.25%	1.3%	2.5%	1.70%
Term	Instant	Instant	Instant	Instant	Instant	Instant
Conditions	upto €100,000	upto €100,000	no limit	no limit	upto €50,000	upto €100,000

Here’s the best Irish retail rate compared to the best rate available on the market, as you can see on a €10,000 deposit over 3 years you will be over €490 better off by shopping around.

Instant Access	APR	Principal	Years	Cumulative	Cumulative Interest	Net of DIRT	Increase Over Irish Banks
Average Rate Ireland	0.11%	€10,000	3	€10,033	€33	€10,022
Bunq	3.36%	€10,000	3	€11,059	€1,059	€10,710	€687
AIB (Best Ireland Rate)	0.25%	€10,000	3	€10,075	€75	€10,050
Bunq	3.36%	€10,000	3	€11,059	€1,059	€10,710	€659

 

What’s the Best Fixed Term Saving Account ?

This is where you will get the best interest rate for lump sums. The current tax on interest paid on deposits is 33%, so you need to factor that into all the deposit rates below apart from those with the State Savings agency which are exempt. 

Best Fixed Term Saving Accounts	Bunq	Raisin	AIB	Bank of Ireland	Permanent TSB	State Savings
Savings Rate (AER)	2.01%	2.67%	2.75%	2.50%	2.5%	1.32%
Term	Instant	1 Year	1 Year	1 Year	1 Year	3 Year
Conditions	upto €100,000	upto €100,000	€15,000 – no limit	€5,000 – no limit	€5,000 – no limit	€50 – €120,000

Here’s the best 3 year term deposit rate from the Irish retail banks compared to an example rate available from raisin.ie.

3 Year Term	APR	Principal	Years	Cumulative	Cumulative Interest	Net of DIRT	Increase Over Irish Banks
PTSB	2.00%	€10,000	3	€10,618	€618	€10,414
Raisin.ie	3.35%	€10,000	3	€11,056	€1,056	€10,707	€293
PTSB	2.00%	€25,000	3	€26,545	€1,545	€26,035
Raisin.ie	3.35%	€25,000	3	€27,639	€2,639	€26,768	€733
PTSB	2.00%	€50,000	3	€53,089	€3,089	€52,070
Raisin.ie	3.35%	€50,000	3	€55,278	€5,278	€53,537	€1,467

 

Alternatives – Best Saving Account

The average rate for long term savings in Ireland was 1.14% in March 2023 compared to 2.11%, almost double that, average across the Eurozone. 

Fortunately you can still access many of these rates from Ireland, through fintech platform Raisin.ie.

Raisin.ie has access to over 400 banks across Europe and allows you to sign up and manage your savings in accounts right across Europe.

Best Raisin Savings Accounts

Best Raisin Saving Accounts	Fjord Bank	BluOr Bank	Youunited	Rietumu	Aareal	A&G Banco
Savings Rate (AER)	2.02%	2.67%	2.10%	2.81%	3.00%	1.81%
Term	3 Months	12 Months	3 Years	3 Years	7 Years	3 Months
Conditions	€1,000-€95,000	€1-€100,000	€2,000-€100,000	€5,000-€100,000	€1-€100,000	€20,000-€100,000
Click to Apply	Invest Now	Invest Now	Invest Now	Invest Now	Invest Now	Invest Now

If you want the best guaranteed savings rates possible, then Raisin.ie is definitely the best option, however it is a little more complicated to sign up and keep track of your savings than with Bunq where you have direct access to your account.

If you don’t need any banking features, are investing under €50,000 and don’t need a guaranteed fixed return the German share trading platform Trade Republic is also a great option. Although not a bank like Raisin they provide access to 3rd party banks, allowing you to earn high rates of return on your uninvested cash, by far the highest on demand rate available.

Savings with Bunq, Raisin.ie and Trade Republic are protected up to €100,000 through the EU deposit guarantee scheme which applies EU wide.

In a Nutshell – Best Savings Account

With inflation eating into your savings it’s more important than ever to choose the Best Savings Account to protect them.

The Irish banks offer rates almost half of their European equivalents, who offer the same guarantees and also better features, so it makes sense to move your money to where you get better value to protect your savings long term.

Our recommendation for the best savings account overall is the Dutch bank Bunq. Bunq win out due to the combination of a competitive interest rate, instant access and easy sign up.

You can get a high rate of return on your savings by signing up to Bunq here now or you can review our in depth Bunq Ireland review here. If you want to fix for longer for higher rates you can sign up to Raisin.ie here.