Best Fixed Deposit Account
- By: Coins to Asset
- March 29, 2024
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Fixed deposit accounts are savings account that locks in your money at a set interest rate for over a fixed period of time from 12 months, 2 years, 3 years, 5 years and can go up to 10 years. The set interest rate is dependent on the term of the deposit. If you withdraw your deposit before maturity, you may penalised.
Fixed Deposit Terminologies
Fixed Term Deposit Account: is an interest bearing account held at a financial institution or financial platform.
Interest rate: credit payment made into an account by a financial institution over a period of time.
AER: Annual Equivalent Rate is the amount of interest earned in a year.
Deposit Guarantee:.
DIRT: This is the interest you a savings account earns on the initial deposit plus the interest earned that accumulates over time.
Early Withdrawal Charge:
List of Fixed Deposit Account
Best 12 Months Fixed Deposit
| Financial Institution | AER | Minimum Deposit | Early Termination |
|---|---|---|---|
|
Raisin Bank – Banco Português De Gestão (Portugal) |
3.60% |
€20,000 – €100,000 |
Not Possible |
|
Raisin Bank – BFF Italy |
3.50% |
€5000 – €100,000 |
Not Possible |
|
Raisin Bank – YOUNITED France |
2.95% |
€2000 – €100,000 |
Not Possible |
|
Raisin Bank – Banca Privata Leasing Italy |
2.90% |
€5000 – €100,000 |
Not possible |
|
Raisin Bank – BluOr Bank (Latvia) |
2.80% |
€1 – €100.000 |
Not Possible |
|
Raisin Bank – J&T Banka (Czech Republic) |
2.40% |
€10,000 – €100,000 |
Not Possible |
|
Raisin Bank – Privatbanka (Slovakia) |
2.30% |
€5000 – €100,000 |
Not Possible |
|
AIB |
1.5% |
€15000 |
No withdrawals permitted |
|
PermanentTSB |
1% |
€5000 |
Possible and charges will be applied if withdrawn after 14 days |
|
Bank of Ireland |
0.75% |
€5000 |
No withdrawals permitted |
Best 2 Year Fixed Deposit
| Financial Institution | AER | Minimum Deposit | Early Termination |
|---|---|---|---|
|
Raisin Bank – Banco Português De Gestão (Portugal) |
3.60% |
€20,000 – €100,000 |
Not Possible |
|
Raisin Bank – BFF Italy |
3.47% |
€5000 – €100,000 |
Not Possible |
|
Raisin Bank – BluOr Bank Latvia |
3.45% |
€1 – €100,000 |
Not Possible |
|
Raisin Bank – Younited France |
3.25% |
€2000 – €100,000 |
Not possible |
|
Raisin Bank – Banca Privata Italy |
3.15% |
€5000 – €100000 |
Not Possible |
|
BFF Italy |
2.96% |
€5,000 – €100,000 |
Not Possible |
|
Raisin Bank – Privatbanka (Slovakia) |
2.57% |
€5000 – €100,000 |
Not Possible |
|
J&T Banka Slovakia |
2.57% |
€5000 – €100000 |
Not Possible |
|
PermanentTSB (18months) |
1.25% |
€5000 |
Possible and charges will be applied if withdrawn after 14 days |
Best 3 Year Fixed Deposit
| Financial Institution | AER | Minimum Deposit | Early Termination |
|---|---|---|---|
|
Raisin Bank – Banco Português De Gestão (Portugal) |
3.60% |
€20,000 – €100,000 |
Not Possible |
|
Raisin Bank – BluOr Bank (Latvia) |
3.49% |
€1 – €100,000 |
Not Possible |
|
Raisin Bank – YOUNITED France |
3.35% |
€2000 – €100,000 |
Not Possible |
|
Raisin Bank – Privatbanka |
2.91% |
€5000 – €100,000 |
Not possible |
|
Raisin Bank – J&T Banka |
2.63% |
€10000 – €100000 |
Not Possible |
|
Raisin Bank – J&T Banka (2.5years) |
2.60% |
€10,000 – €100,000 |
Not Possible |
|
Raisin Bank – BFF |
2.58% |
€5000 – €100,000 |
Not Possible |
|
Ireland State Savings |
1% |
€50 – €120000 |
Possible and no charges applied |
Best 4 Year Fixed Deposit
| Financial Institution | AER | Minimum Deposit | Early Termination |
|---|---|---|---|
|
Raisin Bank – YOUNITED France |
3.45% |
€2,000 – €100,000 |
Not Possible |
|
Raisin Bank – Banca Privata Leasing |
3.19% |
€5000 – €100,000 |
Not Possible |
|
Raisin Bank – Privatbanka |
2.87% |
€2000 – €100,000 |
Not Possible |
|
Raisin Bank – J&T Banka |
2.60% |
€10000 – €100,000 |
Not possible |
|
Raisin Bank – BFF |
2.55% |
€5000 – €100000 |
Not Possible |
|
Ireland State Savings |
2% |
€50 – €120000 |
Possible and no charges are incurred |
Best 5 Year Fixed Deposit
| Financial Institution | AER | Minimum Deposit | Early Termination |
|---|---|---|---|
|
Ireland State Savings |
5.00% |
€50 – €120,000 |
Possible and no charges incurred |
|
Raisin Bank – YOUNITED France |
3.50% |
€2,000 – €100,000 |
Not Possible |
|
Raisin Bank – Privatbanka |
2.83% |
€2000 – €100,000 |
Not Possible |
|
Raisin Bank – J&T Banka |
2.73% |
€10000 – €100,000 |
Not possible |
|
Raisin Bank – BFF |
2.52% |
€5000 – €100000 |
Not Possible |
Best 10 Year Fixed Deposit
| Financial Institution | AER | Minimum Deposit | Early Termination |
|---|---|---|---|
|
Ireland State Savings |
16.00% |
€50 – €120,000 |
Possible and no charges incurred |
Click here for best fixed deposits in UK and Northern Ireland
Our Top Picks
Ireland State Savings
State Savings
Overview:
- Owned by the Irish Government and managed by the National Treasury Management Agency (NTMA)
- When you purchase this product, you are investing in the Irish Government
- They offer short, medium and long term savings plan for everyone and in every stage of life including children.
- Products include fixed term savings products, prize bonds, regular savings account and deposit accounts
What We Like
- All their products are tax free
- No fees or charges or commissions
- You don't get charged for early termination.
- Affordable minimum investment €50
- Can purchase online or at the post office -An Post
- Manage account online
Raisin Bank
Fixed Term Deposit
Overview:
- Raisin Bank is a Europe’s Savings Platform which gives investors access to high interest rates from partner banks across Europe.
- Manage investments in multiple banks on one single platforms.
- May incur additional withholding tax depends on the country
- Consider the country ratings of the individual banks you decide to invest in.
What We Like
Access to attractive interest rate of up to 3.6% on fixed deposits.
AIB
Personal Fixed term Deposit Account
Overview:
- Only 1 year term available.
- You can open a fixed term deposit with your name or share with someone else.
What We Like
You can hold at least 4 fixed term deposit account in your name or share with someone else.
Trade Republic
Savings Plan
Overview:
- Build wealth with free savings plan.
- Invest automatically in stocks, ETFs or crypto and benefit from long-term growth
What We Like
Attractive interest rate of 2.00% per annum on uninvested cash for any length of time
Permanent TSB
Revolut Personal Loan
Overview:
- Get immediate online loan decisions.
- Link your personal bank account to Revolut to get a personalised offer.
What We Like
Pros
- No hidden fees
- Personalised prices and offers based on your linked traditionalbank accounts to revolution
- Able to change repayment dates and make overpayments
Cons
- Personal loan details unclear on the website
- Good credit history is required
- Need to download an app to apply for loan
Bank of Ireland
Revolut Personal Loan
Overview:
- Get immediate online loan decisions.
- Link your personal bank account to Revolut to get a personalised offer.
What We Like
Pros
- No hidden fees
- Personalised prices and offers based on your linked traditionalbank accounts to revolution
- Able to change repayment dates and make overpayments
Cons
- Personal loan details unclear on the website
- Good credit history is required
- Need to download an app to apply for loan
Frequently Asked Questions
How Does Fixed Deposits Work?
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Key Features To Look Out For In Fixed Deposits?
Are Fixed Deposits Taxable?
Except for Ireland State Savings products which are tax free, interests on fixed deposits are taxable at 33%. It is called DIRT.
What is Early Withdrawal Charge?
Should I Put Emergency Fund in a Fixed Deposit?
Fixed Deposits vs Investment Account Which Is Better?
Alternatives To Fixed Deposit Accounts
What Are The Required Documents?
Central Bank of Ireland: Deposit Guarantee Scheme | Central Bank of Ireland
Revenue.ie: Deposit Interest Retention Tax (DIRT) (revenue.ie)
