Irish Banks Raise Savings Rates to 3% as Robust Economy Attracts Investors

Major Irish banks, including AIB and Bank of Ireland, have recently increased deposit interest rates to as high as 3%, reflecting the country’s robust economic rebound.

Bank of Ireland will also raise the interest rate on its 31-day notice accounts to 1% from 0.5% previously. The interest rate on demand deposits will increase to 0.1% from 0%, up from no interest. Higher interest rates will automatically apply to eligible Bank of Ireland accounts.

The rate hikes aim to attract savers as the economy expands solidly after overcoming pandemic disruptions. Ireland’s domestic economy is forecast to stay strong in the coming years, making now an opportune time to explore the Ireland Immigrant Investor Programme (IIP). The Economic and Social Research Institute (ESRI) predicts robust 3.5% growth this year and 4% in 2023, signaling a healthy expanding economy.

Although facing risks like stubborn core inflation and weaker exports, Ireland’s government is working to spend its large budget surplus strategically without fueling inflation. ESRI projects a €9.8 billion surplus this year and €15.5 billion in 2023, thanks to a corporate tax windfall.

Ireland’s thriving economy and favorable business climate have attracted significant international companies like Google, Facebook, and Apple to locate headquarters there. The country’s 12.5% corporate tax rate, far lower than other European nations, appeals to enterprises aiming to minimize tax expenses.

Ireland’s government has also cultivated a supportive environment for companies through tax incentives and establishment grants. Its highly educated workforce and access to the vast EU market provide further advantages.

By leveraging its business-friendly policies, skilled labor pool, competitive tax rates, and EU membership, Ireland has emerged as a premier destination for global firms across sectors seeking to expand operations in Europe. The presence of these high-profile companies underscores Ireland’s draw for international business and investment.

The Ireland Immigrant Investor Programme offers investors a prime chance to gain residency in Ireland’s flourishing economy. By obtaining the Stamp 4 visa through the IIP, investors can capitalize on Ireland’s economic strength while securing residency benefits.

For investors, Ireland provides a thriving market and gateway to the EU. Ireland’s growth prospects look promising as banks raise savings rates to compete for deposits. Participating in the Immigrant Investor Programme can allow investors to benefit amid Ireland’s robust economy.

With Ireland’s forecast to sustain robust growth and IIP applications increasing, now is an opportune moment for interested investors to pursue this rewarding opportunity. As an established consultancy, Eterna International has the expertise to guide investors through the IIP process. We encourage interested investors to act quickly so we can help them submit a robust application.

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