The Irish Financial Regulator today published its first ever regular savings account comparisons. The comparisons feature a number of regular savings accounts from the main providers in the market and give details of the interest rate and features available for each account.

The comparisons show that the interest rates on regular savings accounts vary from just over 3% to over 7%. Savings of €200 each month for a year would earn over €95 more at the higher rate. The features of these accounts also vary widely, with some accounts requiring no minimum or maximum lodgement. Some of the accounts allow unlimited withdrawals, with no notice required, while with others, withdrawals are limited and may result in penalties.

Commenting on the new comparisons, the Consumer Director, Mary O’Dea, said:“With credit not as easily available as may have been in the past, now is a good time to start saving, rather than borrowing, to fund your lifestyle. Starting to save will allow you to manage your money better and give you a cushion against the unexpected. The comparisons show that there are competitive rates out there for consumers who want to start saving regularly.”

She also recommended that consumers consider their needs when choosing an account: “Obviously the interest you receive on your savings is an important factor, but there are other issues to think about when choosing a regular savings account, such as what you want from the account. If you will need regular access to your money at short notice, be sure to choose an account that requires no withdrawal notice period and allows you to make the number of withdrawals you need, as some accounts don’t allow withdrawals, or only allow one per year. You should also consider how much you can afford to put into savings each month and look at the options available for this amount.”

Select Regular Savings Accounts from drop-down menu on this page.