DID YOU KNOW that you could be earning significantly more interest on your savings?

According to an analysis by Raisin, savers in Ireland are missing out on an estimated €2 billion in potential interest each year by keeping funds in low-interest deposit accounts and even current accounts. 

The majority of Irish savings are held in accounts that yield very little interest. On average, accounts such as these delivered a paltry 0.13% interest on savings last year. Short-term term deposit accounts, by contrast, by far outperformed this return — generating average interest of 2.15%.

If you’ve never thought about how your savings could be doing more for you, it might be time to explore some of the other options on the market. 

The Raisin Starter Account offers a 3.10% AER for three months on deposits between €1 and €100,000, with no fees, restrictions, or fine print. New customers could earn up to €775 in interest over three months without needing to meet salary or spending requirements. The account also allows savers to top up and withdraw funds during the three-months with no rate penalties; the advertised rate remains the same. 

Eoghan O’Hara, Country Manager at Raisin, has said that Irish people in particular could benefit from trying term deposit accounts.

“Irish households are sitting on vast sums of cash that could be working much harder,” says O’Hara. “By moving even a portion of savings from instant-access accounts to short-term deposits, people can significantly boost their returns without losing access to their money.

“The Welcome Account is an excellent way to start — a good halfway house that shows how much more you can earn from fixed deposits without long commitments.”

Ireland is a statistical outlier in that sense, with a recent Central Bank of Ireland report revealing that 86% of Irish household savings are held in demand deposits compared to just 55% across the eurozone. 

Raisin is a platform that allows users to access the interest rates offered by over 25 trusted banks across Europe with just one log-in, meaning that you can make significantly more back on the lump sum that you’ve put away for a rainy day compared to Irish demand deposit accounts. Through Raisin, Irish customers can instead hold their savings in term deposit accounts offered by European banks, including those rated AAA by Standard & Poor’s, including banks based in Germany, Luxembourg and Sweden.

Since launching here, Irish Raisin customers have earned 80% more in savings interest than the market average.

“Savers who leave all their money in a demand account are effectively opting out of real earnings,” adds O’Hara. “Even fixing for just three months can help people get used to the idea of earning more without taking on risk.

“We call this approach ‘microfixing’ — moving a portion of savings into short-term deposits that deliver significantly better returns while keeping access to cash within easy reach.”

Visit Raisin online for more information or to register for free today.

Raisin Bank holds a full banking license under the German Banking Act (Kreditwesengesetz) under registration number 100112 and is supervised by the German Federal Supervisory Authority.