How can I choose the right savings account for me?
We offer savings accounts to suit different financial circumstances.
Accounts with high interest rates often look like the best and most attractive offers, but they may have restrictions on getting access to your money. If you need access your money, there may be better options for you. We offer the following types of savings account.
Regular savings accounts
Regular Savings accounts are designed to help you get into the habit of regular savings. They usually operate by direct debit and are ideal accounts if you are saving for a particular goal.
If you need to get your money anytime then these accounts , with unlimited instant access, give you the highest level of flexibility. You can deposit or withdraw your money whenever you need to. This usually means you should expect to receive a lower rate of interest compared to fixed term accounts.
If you don't need instant access to your savings then these accounts could provide a higher rate of interest. You can still access your funds but you will need to provide relevant days' notice.
Fixed term accounts
If you are putting money away for a long term goal, then a fixed term account can offer higher rate of interest, which is fixed for the term. Access to your money is usually restricted or there may be no access during the term. There are a variety of terms available.
365 savings accounts
If you are already a 365 online, Mobile banking or Phone banking customer, you know how valuable and convenient internet banking can be. You can get the same convenience with one of our 365 savings accounts.
- What is the difference between a Demand Account and a Term or Fixed-rate Account?
- What is DIRT?
How do I open a savings account?
To open a 365 Online Savings Accounts you will need to:
- Hold a Current Account with Bank of Ireland (for more information please see https://personalbanking.bankofireland.com/bank/current-accounts/)
- Be registered for 365 Online Banking (use the following link to register https://personalbanking.bankofireland.com/ways-to-bank/register-for-bank-of-ireland-online-banking/)
If you meet the above criteria, follow these simple steps:
- Log in to your 365 Online.
- On your 365 home page, click Apply Online on the left-hand side.
- Click on the Savings box.
- Choose the Online Savings Account you want to open.
To open any other savings accounts (Regular Savings Accounts, Demand and Notice Accounts, Fixed Term Accounts) you will need to contact any Bank of Ireland branch. Find your nearest branch here
What do I need to open a 365 online Savings Account?
You must have a Bank of Ireland current account registered on 365 online to open an account (this is called your transfer account). You will be asked to choose your transfer account when opening the account. Your new savings account will be opened at the same Bank of Ireland branch as your transfer account.
Once a new savings account has been registered on 365 online, it will be available for viewing via Tablet Banking.
For further information on savings accounts available to view on Tablet Banking, please see our Tablet Banking FAQs.
What is the Deposit Guarantee Scheme (DGS)?
The DGS is a scheme established under Irish and European legislation to protect depositors in the event of a bank, or credit union authorised in Ireland being unable to repay deposits (e.g. where a liquidator has been appointed). The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme. The DGS protects eligible deposits up to a limit of €100,000 per person in the credit institutions covered by the Scheme. The Irish DGS covers deposits in branches of credit institutions authorised in Ireland. You do not have to be resident in Ireland or be an Irish citizen to be eligible for DGS compensation. For further information please see www.depositguarantee.ie.