Which Fixed-Term Deposits will Help the Irish Keep Their Savings in 2024?

Inflation and its impact on interest rates

On 14 December the ECB published its monetary policy decisions, which provide important insights into the future of term deposits and deposit rate changes. This information forms the basis of our expectations for the short-term deposit market in the coming months.

The ECB decided to leave key rates unchanged. The central bank expects core inflation to average 5.4% in 2023, followed by 2.7% in 2024 and 2.1% in 2025. Economic growth is forecast to accelerate to 0.6% in 2023, 0.8% in 2024 and 1.5% in 2025 and 2026. In particular, the ECB has signalled its intention to cut interest rates as soon as inflation approaches the 2% target.

Fixed-term deposit rates in Ireland and the EU

Banks are already cutting term deposit rates in response to expected ECB rate cuts. 
Suppose you follow the Irish term deposit market closely and actively compare offers with deposits from other EU countries. In this case, you will know that local banks offer deposits at lower rates than banks from other EU countries.

We have therefore prepared a selection of offers from various EU banks that are available to Irish citizens. These banks are offering the highest interest rates on term deposits and you can open them before the rates fall!

Click on «Open Online» next to the offers and go to the website of our partner Raisin to open online!

Raisin is a successful German financial service that has helped more than 1.5 million customers open high-yield accounts for over 11 years.

Opening a fixed-term deposit online is legal and secure: any deposit up to 100,000 euros per depositor and per bank is covered by the Deposit Guarantee Scheme. Read our article for more information: Online Term Deposits in the EU: Safe, Convenient, and Secure.

Benefits of Opening Fixed-Term Deposits Online for Irish People

Fight Inflation: With high inflation in Ireland, opening fixed-term deposits online in banks in other European Union countries is an effective way to preserve the purchasing power of your money.

High Interest Rates: Many EU banks offer significantly higher interest rates on fixed-term deposits than local banks, providing a more substantial return on investment.

Convenience and Security: Opening a deposit online ensures convenience and security. Irish citizens can carry out all operations without leaving their homes, reducing time and risk.

Wide Choice of Banks and Services: The choice of banks in the EU is more diverse, allowing customers to find more advantageous offers and to tailor their investment strategies to their needs.

Long-Term Prospects: In the context of economic instability in Ireland, term deposits in EU banks offer the opportunity to create a long-term financial plan adapted to changing conditions.

These reviews are for informational purposes only and should not be construed as investment or financial advice, and users should always conduct their own research or consult with professional advisors before making any decisions related to their finances.