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DO YOU FEEL like you’re getting the most out of your savings? If you’re saving in an Irish demand deposit account, you’re probably missing out.
According to the most recent available statistics from the Central Statistics Office (CSO), 87% of savings held by Irish customers are held in overnight and demand deposit accounts, amounting to a total of €140 billion.
These accounts generate barely any interest on average while inflation continues to rise, which means that Irish customers are losing out on purchasing power they could achieve through a platform like Raisin Bank. Indeed, analysis conducted by Raisin Bank has revealed that this cumulative €140 billion being saved by Irish people actually returned a relatively paltry 0.13% annual equivalent rate (AER) interest on average this year.
Raisin Bank is a moneysaving platform that empowers Irish savers to access favourable interest rates across Europe by providing access to over 100 savings accounts from more than 20 banks across Europe.
Through Raisin Bank, Irish savers can instead access term deposit accounts from banks across Europe that offer interest rates as high as 2.91% AER as of February 2025. By visiting the Raisin Bank website, you can see the interest rates that are available from European banks.
For example, if you were to deposit €30,000 with German bank Aareal through Raisin Bank in a fixed-term five-year deposit account, at the end of the term you would have accumulated €4,350 based on current interest rates. If you are interested in make quicker savings, there are banks which offer interest rates of 2.67% on six-month fixed term deposit accounts. You can see the full list of available banks and their interest rates here.
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Interest rates available to Raisin Bank customers Raisin Bank
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Saving money through European accounts could be a major boon for Irish savers looking to make their money work for them. Funds held in savings products such as those above are projected to double in 2024, from €7.5b to roughly €15b. Money held in a short-maturity (up to 2 years) term deposit actually managed to retain its value after inflation in 2024, delivering roughly €25 per €1,000 in returns before tax–almost 20 times more than demand deposits.
As for peace of mind, all accounts that can be accessed through Raisin Bank are secured by European Deposit Guarantee Schemes, allowing customers to choose between competitive interest rates with a sense of comfort and security.
Signing up for Raisin Bank is simple, requiring only one log in and no fees whatsoever. Explore the options available to you and make the switch from a low-yield demand deposit account to a higher rate term deposit from over 20 trusted European banks.
Eoghan O’Hara, Irish financial expert for Raisin Bank, shared his advice for savers to get the most out of their money: “Even with better offers available, many savers are still accepting measly rates on their hard-earned savings.
“Everyone should consider an alternative option, specifically for their savings, with interest rates higher in other EU countries.
“Savers should look at options to minimise the amount left sitting in zero or low-interest accounts and if they have funds they won’t need for a certain period, they should consider placing them in a term deposit,” O’Hara added.
To learn more about what a Raisin Bank account could do for your finances, be sure to visit the Raisin Bank website or download the Raisin Bank app.
Raisin Bank holds a full banking license under the German Banking Act (Kreditwesengesetz) under registration number 100112 and is supervised by the German Federal Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin.
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