Bank of Ireland Savings Account Rates
Bank of Ireland offers banking services including a variety of savings account for customers with different goals. You can choose from a range of savings accounts to suit your needs and goals, whether you want to save for a rainy day, a big purchase, for your kids, mortgage deposit or your retirement.
Effective February 2024, after a long period of lower returns, Bank of Ireland increased their rates recently to attract customers to their savings. It is only slightly higher than before so it may be worth looking into how their rates compares to best high interest savings account. The rates are still competitive compared to other banks interest rates on your savings. Please note that these rates can be fixed or guaranteed for the term of your account or variable depending on the market conditions.
List of Bank of Ireland Savings Account Rates
Bank of Ireland savings account rates depend on the type of account you choose. Take a close look at the different savings account and their rates.
| Account Name | Gross % | AER % | Minimum | Maximum |
|---|---|---|---|---|
|
Super Saver Account |
2.99 % fixed for 12months |
3.00% |
€5/mth |
€2,500/mth |
|
Goal Saver Account (Regular balance) |
2.00% |
2.00% |
€1 |
€14,999 |
|
Goal Saver Account (Lumpsum balance) |
0.50% |
0.50% |
€15,000+ |
No limit |
|
Mortgage Saver Account (Regular balance) |
2.00% |
2.00% |
€1 |
€14,999 |
|
Mortgage Saver Account (Lumpsum balance) |
0.50% |
0.50% |
€15,000+ |
No limit |
|
Child Saver Account |
2.00% |
2.00% |
€1 |
€10,000 |
|
Demand Deposit Account |
0.10% |
0.10% |
€1 |
No limit |
The interest rates on our savings accounts are subject to change depending on the market conditions and our business needs. You can find the latest rates on our website or by contacting us. As of February 2024
Bank of Ireland Savings Account for Super Savers & Regular Savers
This is a regular monthly savings account that encourages you to save a fixed amount every month, from €5 to €2,500. The interest rate is fixed for one year. This fixed savings rate 3.00% AER (Annual Equivalent Rate), for 12 months, Following the 12 month period the account will default to the Standard Regular Saver rate (currently 2%). You can access your money at any time, lumpsum payments to the account are not allowed. You will receive a €100 refund on your home or car insurance policy purchased or renewed with Bank of Ireland Insurance Services as a thank you for saving with us. You are required to save monthly by Direct Debit. If a Supersaver account is opened as a joint account, it can only be funded from one personal current account. This is a regular savings account, lump sum payments to the account are not allowed.
Bank of Ireland Savings Account for Mortgage Savers
Do you need to save regularly to build up a deposit for a Mortgage? The mortgage savers account is a monthly savings account that encourages you to save a fixed amount every month, from €200 to €2,500 towards your mortgage deposit. You also have the option to add lump sum lodgements of up to a total value of €20,000, in any branch The interest rate is 2.00% variable return up to €14,999, after which it is 0.50% and it is paid annually. You can access your money at any time.
Bank of Ireland Savings Account for Goal Savers
The Goal Saver Account is a goal-oriented account that helps you save for something specific, such as a holiday, a car, or a wedding. You can set up multiple goals and track your progress online. The interest rate is variable and paid annually. You can access your money at any time, but you will lose the bonus interest if you withdraw before reaching your goal. You are required to save monthly by direct debit with a minimum of €20 and a maximum of €2,000 per month. You also get a variable interest rate of is 2.00% variable return up to €14,999, after which it is 0.50% and it is paid annually – The interest rate may increase or decrease at the discretion of Bank of Ireland.
Bank of Ireland Savings Account for Children
Child Saver account: This is a type of Goal saver account that you can use to save for your young ones earliest adventures like birthday parties or school trips, while growing the pot to fund the life adventures that are yet to come like travelling or their first car. This account can be viewed online and so it’s great for life lessons too. Use it to start chatting about money, showing them how their balance grows and how saving works.
Bank of Ireland On Demand Deposit Account
Demand Deposit Account: This is a flexible account that allows you to deposit and withdraw money whenever you want, without any notice or penalty. The interest rate is variable and paid annually.
Bank of Ireland Savings Account Withdrawal Rules
You can access your money anytime, anywhere, through our online banking, mobile app, phone banking, or branch network. You can withdraw money in any Bank of Ireland branch (you will need to bring photo ID with you), by 365 online or via phone banking when registered for these services.
Bank of Ireland Savings Account Fees and Charges
Interest is subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate. You can also enjoy peace of mind knowing that your savings are protected by the Deposit Guarantee Scheme, which covers up to €100,000 per person per institution.
How to Open a Bank of Ireland Savings Account
Opening a savings account with Bank of Ireland is easy and convenient. You can apply online, over the phone, or in person at any of our branches. You will need to provide some personal and financial information, such as your name, address, date of birth, PPS number, and income details. You will also need to verify your identity and address with some documents, such as your passport, driver’s license, utility bill, or bank statement. Once your application is approved, you can start saving with right away. You can manage your account online, through our mobile app, or by phone.
Other Savings Options at Bank of Ireland
If you are looking for a safe and reliable way to grow your money, you might want to consider opening a savings account with Bank of Ireland. Bank of Ireland also a wide range deposit accounts with terms from three months to five years. The fixed term deposit account is a fixed-term account that locks in your money for a period of time, from 3 months to 5 years. The interest rate is fixed and paid at maturity or annually, depending on the term. You cannot access your money before the end of the term without losing some or all of the interest. Compare other competitive fixed deposit rates
>>Click here to see and compare AIB Savings Account Rates and PTSB Savings Account Rates
Frequently Asked Questions
What is the best savings account in Bank of Ireland?
The best savings account is relative and dependent your needs and preferences. However the Super Saver account offers the most competitive rates currently amongst the savings account offered by Bank of Ireland. This is because of its 2.99% fixed interest for 12 months.
What is the maximum amount you can keep in a savings account?
There is no limit to the amount that you can put into your savings account. However for a lumpsum balance over a certain amount usually 15000+ and depending on the type of savings account that you choose the interest rate is reduced . Please check table above for details.
What is the minimum balance you can keep in BOI savings account?
The minimum balance required on a Bank of Ireland Savings Account is dependent on the type you choose. For example a Super Saver account requires a minimum of £5 to a maximum of £2500 monthly payments and a mortgage saver requires €200 to a maximum of €2000 a month.
Is there a bank of Ireland savings Joint savings?
Yes you can open a joint savings account in the bank of Ireland, however as it is a direct debit funded savings, the savings account can only be funded from one personal current account.
Lynda Unogu MBA IMC (CFA UK) PMP
Lynda holds an MBA from University College Dublin and worked previously in product roles within financial services and technology firms like Mastercard, Citi Bank and JP Morgan. She constantly seeks to apply her expertise in financial services to the field of personal finance with the goal of helping people navigate the complexities of the finance.
