Choosing which savings account is right for you can be a challenging process. As there are lots of options available, it is wise to shop around and compare them. We compared seven accounts, taking the example of placing €10,000 into savings in a term deposit account for three years. The average interest earned over the three years was €142.

Permanent TSB

Permanent TSB’s three-year, fixed-rate deposit account features internet banking and a fixed annual equivalent rate (AER) of 0.90%. Interest earned on €10,000 over the three-year, fixed-term would be €273.

The minimum balance is €5,000 but there is no maximum limit. Fixed AER is 0.90%. Regular deposits are not permitted with this account and the minimum term is 36 months.

Introductory offers are not available but joint accounts are. Early withdrawal charges will apply if withdrawals are made before maturity.

KBC

This term deposit account has a fixed AER of 0.50% with €10,000 earning €150 interest over three years. This account has a maximum savings limit of €1.5m and a minimum of €3,000.

Regular deposits are not permitted. No introductory offers are available. As a standalone account, a separate KBC payment account is not required. A lower interest rate will apply to the entire balance if the total deposit is in excess of €1.5m. Joint accounts are available.

Bank of Ireland

Fixed AER is 0.40% for this account and interest over three years amounts to €119 on €10,000. The minimum balance for this account is €5,000 and the maximum is €10m.

Regular deposits cannot be made, nor can further lodgements after the initial deposit.

Interest is paid at maturity. Transaction fees are not applied for lodgements or withdrawals from the account. Joint accounts are available.

EBS (SureGrowth)

The first of two accounts from EBS, this is a three-year, fixed-term deposit account with a fixed AER of 0.35% and interest of €106 over the three years on €10,000 invested. There is no upper balance limits, and the minimum balance is €5,000.

No withdrawals or regular deposits are allowed, but flexible deposit amounts are permitted. Interest is credited at maturity and no introductory offers are available.

It is also a standalone account. Joint accounts are available.

EBS (SureIncome)

This account features internet banking and a fixed AER of 0.35% with €106 interest over three years. The minimum savings amount is €5,000 and there is no maximum limit.

There is an option to withdraw a maximum of 10% of your funds annually after 12 months, but only three such withdrawals are allowed over the term.

No regular deposits can be made, but flexible deposit amounts are allowed. Interest is paid half-yearly at the fixed rate for the term, but if a withdrawal is made before the end of the term, the interest earned will be less than if the investment had been left intact for the full term. Introductory offers are not available. Joint accounts are available.

State savings

This three-year savings bond is exempt from Deposit Interest Retention Tax (DIRT) and has a fixed AER of 0.33%. Interest earned after three years’ fixed term is €100 on €10,000.

Minimum savings are €50, while the maximum is €120,000. Money can be accessed at any time giving seven days’ notice.

Irish residents can enjoy tax-free interest. Cumulative fixed bonus accrues annually, which is paid on maturity or at the appropriate rate on early withdrawal.

No introductory offers are available, but joint accounts are. It’s a standalone account and you can earn 1% tax-free after three years. Joint accounts are available.

None of the accounts above have an ATM card, and no fees or charges are levied.

Interest payments for all accounts except state savings are subject to DIRT at the prevailing rate, which is currently 39%.

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