Deposit accounts from banks across Europe

“Deposit account” is a bit of an umbrella term, but the original definition of a deposit account is any kind of bank account where you can deposit and withdraw money. This can include both current accounts and savings accounts, but the term is most often associated with savings accounts. Easy access or demand deposit accounts offer savers quick access to their money. With a fixed term deposit account, savers deposit a lump sum into an account and leave it to sit there gathering interest. The interest rate varies from bank to bank, but it’s easy to get an overview of the top rates in our offer table above.

The right term length for you will depend on whether you're saving for something in particular (for example, a wedding) or you simply want to save money in the long term. If you're happy that you can afford to keep a lump sum locked away (with no access to the money until the savings account has matured) then you could consider 1, 2, 3, 4 or 5 year fixed term deposit accounts - or even longer.

In Ireland, An Post Savings typically offers some longer term options with their top rate, on the 10 year National Solidarity Bond. However, if you’re looking for more flexibility to manage your money and a shorter time frame, Raisin Bank offers the most competitive rates on the market, with a market-leading rate of 2.95% AER on 1 year fixed term deposits and 3.14% AER on 2 year products.

Banks will often offer a higher interest rate for a fixed term deposit than for an easy access savings account. So if you have a nest egg you can afford to stash away for a couple of years, you can expect a higher rate. Generally speaking, the longer the duration, the higher the rate. This is because banks know they are guaranteed to have your money for a set period of time.

While the interest rates for easy access accounts are variable, our fixed term deposit accounts guarantee you a fixed interest rate for the entire duration. Right from the outset, you know what return you can expect one, two, or even ten years down the line.

A lump sum is a single payment made at one time, as opposed to a number of smaller payments or instalments. Typically, you would open a fixed term deposit account with a lump sum payment, and then you wouldn't be able to add to the balance or withdraw from it once the savings account was opened. If you're looking for lump sum savings in Ireland, you can
compare deposit accounts in the table at the top of this page. Weigh up considerations such as minimum deposit, term length and tax implications to find the right lump sum investment for you.

The best deposit interest rate in Ireland is subject to change, so it's best to do your own research and check comparison websites to find the best options available. When you've found a deposit account you're happy with, make sure you check that your money will be protected by a deposit guarantee scheme

By offering rates above 1% AER, with Raisin Bank you can beat inflation and avoid your savings losing value over time. By breaking down banking barriers between Ireland and mainland Europe – where interest rates are often significantly higher – we’re opening up a whole new playing field for Irish savers.

And it’s easy to do so. With Raisin Bank, you can manage your savings online, in your own language, and it’s completely free. We know that life can get busy, too, so you don’t need to worry about forgetting to cancel at the end of the term – we won’t automatically renew your term deposit. And unlike some banks, our offers are for everyone. You’ll never need to hold a particular current account with us to access the offers.

In the table above, we’ve made it easy to help you find the perfect balance between rate and duration. Based on your own needs, you can simply sort the table by top rate, duration, or even country rating to find the perfect term deposit for you.

On lump sum savings accounts and deposit accounts, often, the interest is paid out upon maturity, meaning at the end of the fixed duration, but this can vary depending on the individual offer. You can check the terms of each individual offer by clicking “Product details” in the table above and looking at the details under “Interest payout”.