You’ve probably seen ads promising 7% or even 10% interest on savings, but if you’re in Ireland, the reality is more modest. The highest interest rate savings account available today offers 3.10% AER—a far cry from those headlines.

Highest rate available: 3.10% AER (Raisin 3-month fixed) ·
Best 1-year fixed rate: 2.00% AER (PTSB) ·
Best 2-year fixed rate: 3.00% AER (Bank of Ireland) ·
Instant access rate: 0.25% AER (AIB) ·
Number of banks offering >2%: 3

Quick snapshot

1Confirmed facts
2What’s unclear
  • Whether State Savings will offer higher rates than the current market
  • Future rate changes – ECB decisions may shift deposit rates up or down
  • Which banks will launch new fixed-term products later in 2025
3Timeline signal
4What’s next

Here is a quick overview of the key numbers that matter most.

Key facts at a glance
Label Value
Highest rate in Ireland 3.10% AER (Raisin)
Lowest rate among top banks 0.25% AER (AIB)
Best 1-year fixed 2.00% AER (PTSB)
Best 2-year fixed 3.00% AER (Bank of Ireland)
Number of banks offering >2% 3

Which bank gives 7% interest on savings accounts?

Current savings rates in Ireland: no bank offers 7%

What is the highest rate available?

The highest rate accessible to Irish savers today is 3.10% AER through Raisin’s 3-month fixed-term deposit account. This is an EU platform offering rates from partner banks, not a traditional Irish bank.

Why 7% is unrealistic and what to look for instead

  • The trade-off: 7% interest on a simple savings account would require extraordinary economic conditions – inflation far above current levels or a bank desperate for deposits. Neither exists in Ireland right now.
  • Better focus: Look for accounts paying 2–3% with fixed terms that match your timeline. The CCPC lump sum savings comparison tool helps you compare the best options side by side.
The upshot

No Irish bank offers 7% savings interest. The real battle is between 2% and 3% – and choosing the right term makes all the difference.

The implication: chasing a 7% headline will only lead to disappointment – the real opportunity is locking in the best fixed rate for your timeline.

Which 5 banks have the highest rate of interest?

Top 5 Irish banks by interest rate

Four institutions dominate the top spots for deposit rates in Ireland. Here’s how they stack up.

Bottom line: Raisin and Bank of Ireland lead the pack, but Raisin is an online platform, not a traditional bank. PTSB offers competitive medium-term rates, while AIB lags for instant access.

Raisin (3.10% AER)

  • Rate: 3.10% AER (3-month fixed term) – the highest available (Raisin Ireland deposit accounts).
  • Minimum deposit: €1. No fees.
  • Deposit protection: Covered under EU guarantee schemes.

Bank of Ireland (3.00% AER)

  • Rate: 3.00% AER on a 2-year fixed-term deposit (Bank of Ireland Press Notices).
  • Key perk: No current account required, no fees, and you can access up to 25% of funds during the term.
  • Minimum deposit: Not specified, but no upward cap on balance.

PTSB (2.00% AER)

  • 1-year fixed term: 2.00% AER (PTSB Savings and Deposit Interest Rates).
  • Also offers an 18-month fixed term at 2.98% AER (€5,000+ balance) and a 3-year fixed term at 6.13% AER (€5,000+ balance).
  • Online Regular Saver: 2.00% AER with a €75,000 cap.

AIB (0.25% AER)

  • Instant Access Savings: 0.25% AER (AIB Savings & Deposits – Deposit Rates).
  • Youth Savings Account: 1.50% AER up to €5,000, then 0.25%.
  • Some products marked as “no longer available to open”.

Four accounts, one pattern: the best rates come from fixed-term products. Instant access pays almost nothing.

Comparison of top savings accounts in Ireland
Institution Account type Interest rate (AER) Term Minimum deposit
Raisin (partner bank) Fixed-term deposit 3.10% 3 months €1
Bank of Ireland Fixed-term deposit 3.00% 2 years None stated
PTSB Fixed-term deposit 2.98% 18 months €5,000
PTSB Fixed-term deposit 2.00% 1 year €0?
AIB Instant Access 0.25% Instant €0
The catch

Raisin’s 3-month term locks your money for only 90 days – but after that you must reinvest at whatever rate is available. Bank of Ireland’s 2-year term guarantees 3.00% but ties up funds unless you access the 25% partial withdrawal option.

What this means: the highest headline rate comes with a short leash; the most dependable rate requires a two-year commitment.

How do I get 10% interest on my money?

Can you get 10% interest on a savings account?

Standard savings accounts in Ireland do not offer 10% interest. The highest rates are around 3% (Raisin Ireland savings accounts). To achieve 10% returns, you would need to consider investments like stocks, bonds, or property – which carry risk of capital loss. Deposit accounts are not designed for double-digit yields in the current interest rate environment.

Alternative investment options for higher returns

  • Equities and ETFs: Higher potential returns but volatile; past performance not guaranteed.
  • Bonds: Corporate bonds may yield above savings rates but involve credit risk.
  • Real estate: Rental income plus appreciation, but illiquid and requires significant capital.

Steps to maximize your savings interest

  1. Assess your timeline: If you can lock money for 3–24 months, fixed-term accounts offer the best rates.
  2. Compare using the CCPC tool: The CCPC lump sum savings comparison tool shows current rates and terms.
  3. Consider an EU platform: Raisin gives access to competitive rates from across Europe without opening multiple accounts.
  4. Watch for rate changes: Sign up for alerts from your bank or use sites that track rate movements.
  5. Stagger your deposits: Ladder fixed terms so you always have some money maturing soon for flexibility.
What to watch

Promises of 10% on “savings accounts” are usually high-risk investments or scams. If an offer sounds too good to be true, check with the Central Bank of Ireland or the CCPC before depositing.

The pattern: safe savings accounts top out around 3%; anything promising 10% is not a deposit product.

What are the highest interest rate savings accounts for over 60s?

Are there special accounts for over 60s?

  • No bank in our dataset offers a special over-60s rate. The same accounts are available to all age groups. For example, AIB’s Youth Savings Account caps eligibility at younger ages, so over-60s cannot access that lower rate.

Rates available from major banks

As a saver over 60, you can access the same top rates as everyone else:

  • Raisin 3-month fixed: 3.10% AER
  • Bank of Ireland 2-year fixed: 3.00% AER
  • PTSB 1-year fixed: 2.00% AER; 3-year fixed: 6.13% AER (€5,000 minimum)
  • AIB instant access: 0.25% AER

Lump sum vs regular savings

  • For lump sums: Fixed-term deposits offer the best rates. The CCPC lump sum comparison tool is especially useful for comparing large deposits.
  • For regular savings: Consider PTSB’s Online Regular Saver at 2.00% AER (PTSB Savings and Deposit Interest Rates), but note the €75,000 balance cap triggers a rate reduction if you exceed it.

What is the best lump sum savings account in Ireland?

Comparing fixed-term deposits

Three accounts stand out for lump sum savers, each with a different term.

Best lump sum fixed-term deposits compared
Account Rate Term Minimum deposit Key feature
Raisin 3-month fixed 3.10% AER 3 months €1 Highest short-term rate; no fees
Bank of Ireland 2-year fixed 3.00% AER 2 years None stated Partial access (25%) during term; no cap
PTSB 1-year fixed 2.00% AER 1 year €0? (18-month requires €5k) Higher rate available at 18 months (2.98%) with €5k minimum

Raisin 3-month fixed: 3.10%

Best for short-term parking of a lump sum. Money is locked for only 90 days, then you can reinvest or withdraw. No minimum deposit (Raisin Ireland deposit accounts).

Bank of Ireland 2-year fixed: 3.00%

Ideal for a lump sum you don’t need for two years. The partial withdrawal option (25%) provides liquidity (Bank of Ireland Press Notices).

PTSB 1-year fixed: 2.00%

A solid mid-range choice. For larger lump sums (€5,000+), the 18-month fixed term at 2.98% offers better value (PTSB Savings and Deposit Interest Rates).

Bottom line: The best lump sum account depends on your time horizon. Under six months: Raisin. Two years: Bank of Ireland. Between six and 18 months: PTSB’s 18-month fixed term (if you have €5k).

The catch: the top short-term rate forces reinvestment risk; the best long-term rate requires a two-year lock.

Pros and cons of fixed-term savings accounts

Upsides

  • Guaranteed interest for the full term – no rate changes
  • Higher rates than instant access accounts
  • Deposit protection up to €100,000 under EU schemes
  • No ongoing fees at most institutions

Downsides

  • Money locked away – early withdrawal penalties often apply
  • Rate may be lower than inflation, resulting in real loss of purchasing power
  • Minimum deposit requirements (e.g., €5,000 for PTSB 18-month)
  • Opportunity cost if rates rise after you lock in

Step-by-step: How to find and open the highest interest rate savings account

  1. Determine your time horizon: How long can you leave the money untouched? 3 months, 1 year, 2 years? This decides the account type.
  2. Gather your lump sum amount: Some accounts require a minimum. Know your figure before comparing.
  3. Use the CCPC comparison tool: Visit the CCPC lump sum savings comparison tool to see rates and terms from all providers.
  4. Check eligibility: For Raisin, you must be a resident of Ireland. Bank of Ireland and PTSB accept all ages. AIB offers some products only to existing customers.
  5. Read the fine print: Note early withdrawal penalties, caps, and whether interest is paid at maturity or annually.
  6. Open the account: Most can be opened online. You’ll need proof of identity and address.
  7. Deposit your funds: Transfer the lump sum and note the start date. Set a reminder for maturity so you can decide what to do next.

The pattern: a systematic approach eliminates guesswork and ensures you don’t lose out on a better rate because of a missed deadline.

What we know for sure and what remains uncertain

Confirmed facts

  • Raisin offers 3.10% AER on a 3-month fixed term (Raisin Ireland deposit accounts).
  • Bank of Ireland offers 3.00% AER on a 2-year fixed term, with no current account required and no fees (Bank of Ireland Press Notices).
  • PTSB offers 2.00% AER on a 1-year fixed term and 2.98% on 18 months (€5,000 minimum) (PTSB Savings and Deposit Interest Rates).
  • AIB instant access pays 0.25% AER (AIB Savings & Deposits – Deposit Rates).

What’s unclear

  • Future rate changes: ECB decisions may push rates up or down.
  • Whether State Savings will introduce more competitive products.
  • Which new EU platforms might enter the Irish market.

What the banks say about their rates

“AIB applies two variable interest rates on the daily account balance.”

AIB Savings & Deposits – Deposit Rates

“Interest First Fixed Term: 1 year at 2.00%.”

PTSB Savings and Deposit Interest Rates

“Earn a fixed 3.10% AER over three months.”

Raisin Ireland deposit accounts

“New 2-year fixed-term deposit rate of 3.00%.”

Bank of Ireland Press Notices

Summary: Where Irish savers should put their money now

The highest interest rate savings account in Ireland today pays 3.10% AER from Raisin, but it’s a short-term fix. For a lump sum you can leave for two years, Bank of Ireland’s 3.00% fixed term offers better security and partial access. Double-digit returns like 7% or 10% are not available on deposit accounts – chasing them may lead to risky investments or scams. For the Irish saver, the choice is clear: lock in the best fixed term that matches your timeline, or accept lower instant access rates for liquidity. Use the CCPC lump sum savings comparison tool to stay on top of the market.

Additional sources

youtube.com, fairstone.ie

For a detailed comparison of current offers, see our guide to the best interest rate on savings Ireland.

Frequently asked questions

What is the minimum deposit for Raisin’s high-yield account?

€1. There are no minimum balance requirements or fees to open or maintain the account (Raisin Ireland deposit accounts).

Are these fixed rates guaranteed for the full term?

Yes, the interest rate is fixed for the entire term. For example, Bank of Ireland’s 2-year fixed rate of 3.00% AER applies for two years (Bank of Ireland Press Notices). The same applies to PTSB and Raisin.

How do I open a Raisin account?

You can sign up online at Raisin’s Ireland site. You’ll need proof of identity and address. Once verified, you can select deposit accounts from partner banks (Raisin Ireland savings accounts).

Does AIB offer a regular saver account with a higher rate?

AIB’s Youth Savings Account pays 1.50% AER up to €5,000, but that product is only for under-25s. For adults, the Instant Access Savings at 0.25% is the standard product (AIB Savings & Deposits – Deposit Rates).

What is the difference between AER and gross interest?

AER (Annual Equivalent Rate) includes the effect of compounding, so it’s the total interest you’d earn in a year assuming the interest is added to the account. Gross interest is the nominal rate without compounding. For most savings accounts, the two are very close.

Can I withdraw money early from a fixed-term account?

Generally, early withdrawal is not allowed, or you may face a penalty and lose some interest. Bank of Ireland’s 2-year fixed account allows access to up to 25% of the funds during the term (Bank of Ireland Press Notices).

Are savings accounts in Ireland protected by a deposit guarantee?

Yes, deposits with banks regulated in the EU are protected up to €100,000 per person per institution under the Deposit Guarantee Scheme. Raisin also states that all deposits are covered up to the applicable protection limit (Raisin Ireland deposit accounts).