Savings beyond Ireland

Irish savers have, in recent years, faced the challenge of historically low interest rates on their savings accounts, despite inflation reaching record highs, and the ECB rate peaking at 4.00%. In fact, in 2023, Minister for Finance, Michael McGrath, sent a strong signal to lenders that he expected them to start putting up interest rates for savers, stating that it was “right and appropriate” to increase the rates of interest being paid on savings and deposits by banks to customers in Ireland. Nevertheless, in 2024, interest rates on Irish savings accounts remain stubbornly low. So, what other options do Irish savers have?

In short, yes. If you are a legal resident in an EU country, you are entitled to open a ‘basic payment account’ in other EU countries, although this right does not always apply to other types of bank account, such as savings accounts*.

With Raisin Bank, you can order savings accounts with rates up to 3.14% AER from banks located all over Europe. Our marketplace is free, easy-to-use, and you can manage everything under one roof!

Yes, the European Union’s Deposit Guarantee Scheme protects customers’ deposits up to €100,000 per person, per bank. Before saving with a European bank, you should ensure that they are members of the relevant guarantee scheme in their country. 

At Raisin Bank, we work with banks located exclusively in the European Union, which means that they are members of their respective national Deposit Guarantee Schemes. As a result, your savings are always protected.

The main advantage for Irish savers is that you can access deposit accounts typically offering higher returns, without having to change banks or open multiple current accounts. This is more commonplace for savers in other European countries, who are used to investing outside their own country to get more out of their savings.

It’s simple: with Raisin Bank, you can invest your savings in banks all across Europe. Getting started looks like this:

1. Open a free Raisin Account with Raisin Bank. The Raisin Account enables you to quickly and easily apply for, fund, and manage deposit accounts through our marketplace. 

2. Find the savings account that is right for you, then choose how much you want to deposit.

3. Simply transfer your money from your reference bank account into your Raisin Account, and, as soon as you have deposited enough to cover the amount that you pledged, we’ll automatically open and fund your chosen savings account for you.

That’s it! Through your Raisin Account, you can access our marketplace, as well as a lot of additional helpful features. It allows you to quickly check how your deposit accounts are doing, and view applicable terms.

Following European regulations, all of Raisin Bank's partner banks participate in their respective national Deposit Guarantee Scheme, so your savings are protected up to a maximum amount of €100,000 per customer and bank.

Exploring European banks can provide Irish savers a solution to the low-interest-environment at home by offering the potential for higher savings rates. As always, savers should ensure they carry out thorough research, weigh the associated risks, and make informed decisions to ensure the safety of their savings. But by looking beyond Ireland's borders, savers can make the most of an increasingly interconnected global economy to grow their money.

*https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm#inline-nav-1