Question 1

What is the best savings account in Ireland?

Accepted Answer

The best savings account depends on your needs. For instant access, Revolut offers up to 3.25% AER. For fixed terms, Raisin partners offer rates up to 3.35% AER. State Savings products are tax-free and government guaranteed.

Question 2

Are savings accounts in Ireland taxed?

Accepted Answer

Yes, most savings interest is subject to DIRT (Deposit Interest Retention Tax) at 33%. The exception is State Savings products which are completely tax-free. When comparing rates, consider the after-tax return.

Question 3

What is the difference between instant access and notice accounts?

Accepted Answer

Instant access accounts let you withdraw anytime without penalty. Notice accounts require you to give advance notice (typically 30-90 days) before withdrawing, but usually offer higher interest rates in return.

Question 4

Are EU bank savings accounts safe for Irish customers?

Accepted Answer

Yes, EU bank accounts accessed through platforms like Raisin are protected by the European Deposit Guarantee Scheme up to €100,000 per bank. This is the same level of protection as Irish banks.

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