What are Fixed-Term Deposits?

A term deposit is a banking product that allows Irish citizens to deposit money for a fixed period at a fixed interest rate. At the end of the term, the depositor gets his money back plus any interest that has accrued.

There is a large market for term deposits in the EU. The variety of deposit maturities, currency options, terms and conditions and other aspects allows depositors to choose the best offer.

PickTheBank analyses data from 25 EU countries, over 1,000 banks and more than 11,000 offers daily to provide our users interested in opening a term deposit with the most up-to-date information.

In addition, Irish citizens can open term deposits online with banks in other EU countries to get even better rates than in their home market.

How do Fixed-Term Deposits Work?

The way term deposits work is quite simple.

You choose a bank and an offer, then decide how much money you want to invest and for how long. The bank will pay you a fixed rate of interest for the whole term of the deposit.

This means that you know in advance how much money you will receive at the end of the term, making term deposits a predictable and safe investment.

For Example

You want to invest €100,000 in term deposits.

You go to the PickTheBank website and choose the most profitable and suitable term deposit.

You choose a term deposit with a rate of 4.33% for 12 months and open it.

After one year, you will get back your €100,000 + a return of €4330.en opent deze.
Na een jaar krijgt u uw €100.000 terug + een rendement van €4330.

Why should the Irish Invest in Fixed-Term Deposits?

According to the ECB, the inflation rate in Ireland is quite high, although there are conditions for it to come down. This means that the prices of goods and services are rising much faster than people's incomes.

To fight inflation, the European Central Bank raised the deposit rate to a record high of 4% on 20 September 2023.

Despite the possibility of a lower deposit rate, term deposits are one of the most attractive ways for Irish citizens to keep their money, along with savings deposits.

Advantages of Investing in Fixed-Term Deposits for Irish Citizens

Guaranteed income: Fixed-term deposits offer a guaranteed income, which is paid to Irish people according to the terms of the agreement. Irish citizens know in advance how much interest they will earn on their deposit, ensuring a stable income throughout the term of the deposit.

Reliability and security: Deposits in EU banks are protected by the Deposit Guarantee Scheme (DGS), which guarantees the repayment of funds in the event of bank failure or other exceptional circumstances. Cover can be up to €100,000 per depositor in a bank. That's the main difference between fixed-term deposits and various types of investment products, which are more or less exposed to market and credit risks.

Ease of opening and accessibility: Opening a fixed-term deposit does not require any special knowledge or skills. You simply select a fixed-term deposit according to your criteria and follow a straightforward procedure to open it. Most EU banks offer the option of opening a deposit online or via a mobile application.

Easy fixed deposit selection: Analyzing offers from over 1,000 banks in EU countries is no easy task, especially with frequent interest rate updates. With PickTheBank it takes 5 minutes.

Tax advantages: In some EU countries, such as Belgium, Italy, Portugal, and others, there are tax benefits on income from fixed-term deposits that can reduce or exempt individuals from paying income tax. The best way to find out the latest information is to contact the bank where you want to open a term deposit.

How can Irish People Compare and Choose the Best Term Deposit?

Our service allows you to choose the best term deposit for Irish citizens from the comfort of your own home:

Country of residence: We analyze and present bank offers from 26 EU countries.

Currency: You can explore bank offers in all major currencies, including EUR, USD, GBP.

Deposit term: We present bank offers with terms from 1 month to 6 years.

Short term fixed deposits for the Irish

Fixed-term deposits for 1 year for the Irish

Fixed-term deposits for 2 years for the Irish

Fixed-term deposits over 3 years for the Irish

How can Irish People Open a Term Deposit Online with PickTheBank?

Are you wondering how to open a term deposit if you are a resident of Ireland?

It's as easy as 1, 2, 3:

Select your desired search criteria and click "Find Deposit"
Compare fixed deposit offers and click "Open Online"
You'll be taken to the bank's website to complete the deposit process
We don't collect any user data; we are an information resource to help you make an informed choice about fixed-term deposits.

Security of Opening Term Deposits for Irish Citizens

Is it Safe and Legal for Irish People to Open a Fixed-Term Deposit Online?

The demand for remote onboarding and online banking products has grown rapidly during the COVID outbreak. Now the process of opening a term deposit online is straightforward and legitimate. It's regulated by EBA guidelines EBA/GL/2022/15, which impose security measures and requirements on banks implementing online onboarding business processes. Online onboarding is usually carried out using video identification/selfies, where the customer's identity is confirmed during the identification process. Online onboarding is widely used and is already implemented in approximately 40% of European retail banks.

Simplicity and Convenience

Opening a term deposit online allows Irish citizens to choose the best bank and the most favorable deposit rates from a wide range of offers on the European market. From the comfort of your own home, you can compare the terms, rates, and other parameters of different banks in the eurozone countries using only your smartphone or any other internet-connected device. This saves you time and effort and gives you control over your finances in a convenient and accessible way.

Strict Regulation and Supervision

The EU financial sector is highly regulated. It is monitored and regulated by national financial authorities and the European Central Bank (ECB). This ensures a high level of protection for Irish clients and their deposits. Standards and regulations are in place to ensure that banks follow strict rules and handle customer funds with the utmost care.

Advanced Data Protection Technologies

Modern data protection technologies provide a high level of security. Banks and banking services use advanced encryption, authentication, and verification methods to ensure that your data and finances are protected from third-party access or fraud. It's important to note that European countries strictly regulate the collection, storage, and use of personal data in accordance with the law, including compliance with the General Data Protection Regulation (GDPR), which provides an additional layer of protection.

Trustworthiness

Most banks and banking services in the EU have been around for a long time and enjoy a high level of trust from their customers. By choosing a bank with a good reputation, you will increase your confidence in the services provided by that bank or banking service when opening an online fixed-term deposit.

Deposit Guarantee Scheme (DGS)

The Deposit Guarantee Scheme (DGS) is a system designed to protect depositors and insure their funds held in banks or financial institutions. It acts as a safety net, ensuring a level of protection for individuals and businesses in the event of bank failure or insolvency. In the European Union (EU), each Member State has its own Deposit Guarantee Scheme, usually set up and regulated by national authorities in accordance with EU directives. This system ensures the safety of you, your data, and your money.

This ensures that you, your information, and your funds remain safe. In addition, the ability to open term deposits online streamlines the process, making it faster and more cost-effective. It allows you to open term deposits more advantageously by selecting the most profitable and suitable offers.

How Do You Find a Fixed-Term Deposit?

Find the best offers for Irish citizens on our fixed-term deposit search and comparison page.

Here you will find only the latest offers from over 1000 EU banks!