Ireland Savings Calculator
Project your EUR savings with compound interest. Compare Irish deposit rates after DIRT tax and explore State Savings alternatives.
Details
Result
Ending Balance (after DIRT)
€78,729
Total Deposits
€70,000
Net Interest Earned
€8,729
Effective Net Rate
2.01%
DIRT — 33% off the top
Deposit Interest Retention Tax is deducted at source by Irish banks from any interest paid — currently 33%. A 3% gross rate becomes 2.01% net. DIRT is final: non-taxpayers and lower-rate payers can't reclaim it (unlike UK savings allowances). The only way to avoid DIRT is via State Savings products.
State Savings — tax-free alternative
An Post State Savings products are exempt from DIRT and income tax. Core products: Savings Certificates, Savings Bonds, Instalment Savings, Solidarity Bonds (3/5/10 yr), Prize Bonds (monthly prize draw, no interest). Headline rates look lower than banks, but often beat them after DIRT. Particularly attractive for higher-rate earners with maxed pension contributions.
Best Irish bank deposit rates
Demand deposits at AIB, BOI, PTSB: 0.25%-0.75%. Fixed-term deposits (1-3 years): 2.5%-3.5%. Challenger banks/apps (Bunq, N26, Trading212 Cash, Revolut Savings): 3.0%-4.5% in euro accounts — watch the deposit guarantee country (Netherlands, Germany, Lithuania, etc. each have separate €100k cover).
Deposit Guarantee Scheme
DGS covers €100,000 per depositor per Irish-licensed bank. EU passporting banks operate under their home-country DGS (also €100k minimum). If you hold more than €100k, diversify across institutions — especially if you're using several fintech apps that share the same underlying bank charter.
Frequently Asked Questions
Everything you need to know, in one place.
What is DIRT?
Deposit Interest Retention Tax. Irish banks deduct DIRT at 33% from savings interest at source — you get the net amount. DIRT is separate from income tax and applies even to lower-rate taxpayers (no refund available).
Best Irish savings rates 2026?
Standard Irish bank demand accounts: 0.25-0.75%. Notice accounts: 1.5-2.5%. Term deposits (1-3 years): 2.5-3.5%. Online banks like Bunq, N26, Trading212, Revolut Savings offer 3.0-4.5% in euro — check DGS coverage country-by-country.
Are Irish State Savings tax-free?
Yes — An Post State Savings (Savings Certificates, Savings Bonds, Instalment Savings, Prize Bonds) are exempt from DIRT and income tax. Returns are lower than banks in headline terms but often beat them after DIRT — attractive for higher earners.
DGS deposit protection?
Deposit Guarantee Scheme covers €100,000 per depositor per Irish-licensed institution. Passporting EU banks apply their home-country DGS (also €100k EU-wide minimum). Spread balances across providers above €100k to stay covered.
Are EU/EEA accounts treated the same for DIRT?
No — DIRT only applies to deposits in Irish financial institutions. Interest from EU/EEA accounts (Raisin, Bunq, Trading212, N26, Revolut Ireland) is still taxable but via self-assessment at your marginal income tax rate (20%/40%) plus PRSI 4.2% and USC up to 8%. For higher-rate payers that can exceed DIRT's 33%. Always declare via Form 12 or Form 11 by 31 October following the tax year. CRS reporting means Revenue already sees these accounts; non-declaration is risky.
How is the Prize Bonds return calculated?
An Post Prize Bonds have no fixed interest — instead, a monthly random draw distributes prizes funded by a fixed "prize pool rate" (~0.35% of the total bond pool in 2026, variable). Average return is low (~0.35% historically), but tax-free. Weekly draws include €50 to €250,000 prizes. Suitable for emergency funds where capital preservation + optional upside beats interest. Not a substitute for high-yield savings if you're a rate-optimiser — but popular with retirees in the 40%+ marginal bracket.
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