How can I make my savings work harder?

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Are your savings in the best place that meets your needs and gets you the best return?

There is a wide range of interest rates and savings products available to Irish consumers, depending on your needs and preferences.

Here are some tips to help you get the best value for your money.

  1. Know what suits your needs.

    Think about your needs. What are you saving your money for? Do you have a lump sum that you need to access to or are you happy to lock your money away for a defined period? Maybe you are you trying to build up a nest egg by saving a regular amount every month? There are different options available to you whatever your goal is.  

  2. Consider all providers across the market.
    There are a range of accounts available across the market, with different features and interest rates. You can switch your provider or spread your money across different providers. These include An Post/State Savings, credit unions, Irish banks and other regulated EU banks providing services to Irish consumers.


    The Competition and Consumer Protection Commission has a Money Tool at ccpc.ie where you can easily compare lump sum and regular savings accounts.

  3. Talk to your current provider

    As part of looking at your options, don’t forget to also talk to your current provider. They are likely to have options for different accounts that meet your needs and provide a better return for you.

  4. You can invest your money, but it carries risk

    You might consider investing your money to get a higher return. If you are thinking about investing, make sure you are comfortable with the risk you are taking.  Don’t invest without understanding exactly what you are investing in. Find out more with our investing your money section.

    What we’re doing

    We expect firms to provide clear and accessible information on all products to consumers, in a way that can be easily understood compared to alternative options in the market. 

    Customer supports must also be available to consumers who want to switch product or provider. This includes firms making sure the process for you to save and move your money is as straightforward as possible.  

    With rising costs of living and a changed interest rate environment, we have reviewed what the main Irish banks are doing to support their customers. We have asked them to make improvements to the information they provide and their processes for customers who want to open a savings account or move their money. We will continue to engage to ensure they meet our expectations to support consumers at this time.

    If you are not happy with your existing financial product or service, remember, you have a right to complain to your provider. They will have to investigate your complaint.

    If you are not satisfied with the outcome of your provider’s complaints process, you can make a complaint to the Financial Services and Pensions Ombudsman.

    See also: