Despite falling interest rates, deposit accounts remain and will continue to remain an important part of an individual’s investment portfolio. Having in excess of three month’s salary sitting in a regular deposit or current account, earning zero or close to zero interest, benefits only your bank. Improvements in returns can be made by investigating alternative options even on a short term basis. The purpose of this page is to provide you with as much information as possible in relation to the best rates on offer through the Competition and Consumer Protection Commission website for Demand and Fixed Term Deposit Accounts.
A few things to bear in mind when making a decision;
- Typically, the safest banks with the highest credit rating offer the lowest interest rates and vice versa
- When selecting a Fixed Term be sure that you are happy to have restricted or zero access to the funds for the period in question
- Be aware of the limitations of the Deposit Guarantee Scheme and how it will apply to you. In particular, remember that the limit of qualifying deposits is €100,000 per individual, per institution. Not per account. (Correct on 25/4/2018)
- Understand your potential liabilities to Deposit Interest Retention Tax (DIRT), and how this might impact on your returns
The Competition & Consumer Protection Commission provides tools to compare the costs and benefits of lump sum and regular saving deposit products from each of the main providers active in the Irish market today.
Click here to see their comparison of Lump Sum Deposit rates and terms
Click here to see their comparison of Regular Saving Deposit rates and terms
At MoneyCoach we have an expert team of financial advisors who can guide you through the decision-making process and ensure that you are fully informed in relation to your investment options.