Best High Interest Rate Savings Account
- By: Coins to Asset
- January 13, 2024
The listings that appear on this page are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Coinstoasset does not endorse or recommend any companies.
As you begin to manage your spending and keeping more of your income, consider putting your money in savings account with a good interest rate. Opening a savings account is one of the easiest way to earn interest on your money. We reviewed savings account across Ireland and UK to identify accounts with high interest rate.
List of Savings Account with High Interest Rates
| Financial Institution | AER | Minimum Requirements |
|---|---|---|
|
Trade Republic |
2.00% |
No minimum amount required.
Earn 2% interest on available cash balance not invested |
|
Bunq |
1.56% |
No minimum requirement.
Earn 1.56% on all amounts up to €100.000 |
|
AIB |
1.00% |
Start with as little as €10. 1% interest applies to a maximum of €1000 per month |
|
Bank of Ireland |
1.00% |
Minimum €20, Maximum €2,000 per month |
|
Permanent TSB |
0.75% |
Minimum €1 a month and €1,000 a month. |
Click here for UK savings account with the highest interest rates
Key savings account terminologies that you should know:
Savings Account: is an interest bearing account held at a financial institution or financial platform.
Interest: 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.
APY: Annual Percentage Yield is the real rate of retuned earned in a savings account taking into account compound interest.
Compound Interest: This is the interest you a savings account earns on the initial deposit plus the interest earned that accumulates over time.
Our Top Picks
Trade Republic Savings Plans
Overview:
- Build wealth with free savings plan.
- Invest automatically in stocks, ETFs or crypto and benefit from long-term growth
Pros
Cons
Bunq Savings Account
Overview:
- Save money faster with Autosave
- Instantly benefit from the highest interest rate.
Pros
Cons
GoalSaver Account
Overview:
- Simple and flexible account and the perfect place for you to start.
- Save money in regularly by direct debit and access your savings easily and instantly
Pros
Cons
Online Regular Saver
Overview:
- Designed especially for people who wish to save regularly
- Convenient and flexible account that is easy to open and keep track of your savings at a time that suits you
Pros
- €10
Cons
Online Regular Saver Account
Overview:
- Save as little as €1 a month or as much as €1,000 a month.
- Grow your savings at a competitive rate.
Pros
- No fees
- €1 minimum amount required to start
- Online and mobile banking
- Customer services available
Cons
- Better rates at peer banks
- Maximum of 1000
Frequently Asked Questions
Are High Interest Savings Account Safe?
Yes they are safe. Accounts held in financial institutions, building society and credit union are usually insured up to a €100,000 per person per institution under the Deposit Guarantee Scheme.
Are Interests on Savings Account Charged?
Yes, interest earned on savings account are subject to tax. The tax is called Deposit interest Retention Tax. It is now currently charged at 33% on all interest payments.
How to Choose a High Interest Savings Account
When researching and comparing banks for competitive rates, look at for these features:
Fees: Consider the monthly fees associated with the account and compare with the interest to confirm that your earnings are not wiped out
Easy Access: Choose a bank that is easy and convenient for you to access your funds.
Protection of Savings: Check that the financial institution you open an account with is authorised by the Central Bank of Ireland and is protected by the deposit guarantee scheme.
High Yield Savings Account Vs Regular Savings Account?
An average interest rates on a regular savings account is 0.10%. Interest rates over 0.10% is much more attractive and are considered high yield savings account.
High Yield Savings Account Vs Current Account?
Current accounts have a range of features but it is primarily for everyday spending and expenses unlike savings account which is for a purpose of building your account balance for future purpose.
High Yield Savings Account Vs Fixed Deposit Account?
Fixed deposit generally have a higher interest rates than a savings account because your money is locked in for a length of time without access.
Central Bank of Ireland: Deposit Guarantee Scheme | Central Bank of Ireland
Revenue.ie: Deposit Interest Retention Tax (DIRT) (revenue.ie)
