The ECB rate is now just 0.5% - (May 2013) but you can still get interest
rates around 3% on some deposit accounts.
latest information about Deposit
Guarantees in Ireland
For longer term fixed rates the National Savings offer good rates
and the fact they they have little or no tax on the interest helps
The interest rates on savings accounts in Ireland have been falling
in 2012 and 2013 as the banks try to make their balance sheets look
better. The banks in Ireland managed to persuade the government to
drop most of the rates on the National Savings accounts - so thta
the banks could compete more easily for deposits.
If the banks in Ireland were healthy - the deposit rates would probably
be closer to 1% - but Irish banks are still in trouble, so we have
seen higher rates for the last five years. In late 2008 it was possible
to get a rate of 5% on a one year deposit.
As the banks gradually recover we expect to see interest rates on
deposits falling close to 1%.
A tax on Deposit Interest is applied in Ireland - called DIRT
- (Deposit Interest Retention Tax) it is currently 33%.
See Money Guide Ireland
for lists of the best
on deposit accounts - including Fixed Rates and Regular
Savings accounts. The same site also has information on the best rates
on credit cards, Mortgages and loans.
If you are worried about the future of the Euro currency - you might
be interested in our page about
Moving Euros into Sterling
Here is a list of banks and institutions that are based in Ireland
or have branches in Ireland that still accept deposits from Irish
Post Office (An Post).
Allied Irish Bank (AIB)
Irish Life & Permanent plc (PTSB)
Bank of Ireland
Leeds Building Society
Nationwide UK Ireland
Investec Bank (UK) Ltd