An Post Savings Account: Rates, Limits, and How to Open

If you’ve got a lump sum gathering dust in a current account earning next to nothing, you’re probably wondering where it could work harder. An Post’s State Savings range offers a government-backed alternative, but how do those rates stack up against the high-yield accounts now available in Ireland?

Fees and commissions: None ·
Government guarantee: 100% by Irish State ·
Tax-free options: Available ·
Product types: Savings Bonds, Prize Bonds, Demand Deposits

Four key attributes that define every An Post savings account at a glance:

Which savings account is best in the post office?

The answer depends on whether you want instant access, a fixed term, or a chance at prizes. An Post offers three main State Savings products, each with a different trade-off.

What are the different State Savings products?

• Savings Bonds: 3-year fixed term, minimum €500, fixed interest rate, government guarantee (State Savings product page).
• Prize Bonds: no fixed term, minimum €100, prizes drawn monthly instead of interest, government guarantee (State Savings Prize Bonds).
• Demand Deposit: instant access, tax-free up to €50,000, variable interest, government guarantee (An Post State Savings).

How do An Post savings accounts compare to bank savings accounts?

The big difference is the state guarantee. While a high-yield account from a digital bank might offer 3.30% AER (Honest Finance rate comparison), your money is not government-backed. An Post’s Savings Bonds pay a fixed rate that is typically lower, but your capital is 100% safe. For lump sum savers who prioritise security over yield, State Savings wins. For those chasing the best return, digital bank accounts outperform.

The implication: the guarantee versus yield trade-off is the central decision for any Irish saver.

Where is the best place to put a lump sum of money?

For Irish savers with a one-off sum, the decision comes down to risk tolerance. State Savings offer a risk-free floor, while other accounts offer higher returns at the cost of safety.

Should I put a lump sum into State Savings?

Yes, if you cannot afford to lose any of it. The Irish government guarantee means your lump sum is intact regardless of market conditions (gov.ie state backing policy). For example, €50,000 placed in a Demand Deposit account is instantly accessible and tax-free on interest up to that limit.

What are the alternatives for lump sum investment in Ireland?

• High-yield digital accounts: Deutsche Bausparkasse Badenia offers 3.30% AER, 24 times the national average of 0.14% (Honest Finance rate data). Minimum deposits can start at €1,000 (Fairstone broker comparison).
• Fixed-term accounts: Rates between 2.5% and 3.10% for short-term deposits (Fairstone broker comparison).
• Comparison tools: The CCPC provides a dedicated lump sum savings comparison tool (CCPC consumer regulator).

What is the highest paying savings account right now?

According to the latest data, the highest rate for a lump sum savings account in Ireland is 3.30% AER from Deutsche Bausparkasse Badenia, tracked by Honest Finance (Honest Finance rate leader).

What is the current highest interest rate on savings accounts in Ireland?

The top rate of 3.30% is 24 times the national average of 0.14%. Other competitive rates include 2.50% from PTSB’s Regular Online Saver (on balances up to €50,000) and 0.75% from Bank of Ireland’s Online Notice Deposit 7 (Revolut bank rate comparison).

How do An Post savings rates compare?

An Post’s 6 Year Instalment Savings offers 1.75% (Revolut product rate), which is above the national average but well below the best high-yield accounts. For lump sums, the demand deposit rate is variable and currently not disclosed publicly. The implication: if yield is your priority, An Post is not the top contender.

How much can I put in a post office savings account?

Deposit limits vary by product, so it pays to know the caps before you open an account.

What are the deposit limits for An Post Savings Bonds?

Savings Bonds require a minimum deposit of €500. There is no published maximum limit for the product itself, but the overall State Savings scheme has aggregate caps (State Savings product terms).

Is there a maximum amount for Prize Bonds?

Yes, the maximum you can hold in Prize Bonds is €500,000 per individual (State Savings Prize Bonds terms). The minimum purchase is €100.

What about Demand Deposits?

Demand Deposit accounts have no explicit limit, but the tax-free allowance applies to interest on balances up to €50,000 (for single account) or €100,000 for joint accounts (Revenue tax guidelines). Beyond that, interest is subject to DIRT.

How do I open an An Post savings account?

You can open an account either in person at any An Post branch or online through the An Post Money app or State Savings website.

What documents do I need?

• A valid PPS number (gov.ie identity verification)
• Photo ID (passport or driving licence)
• Proof of address (utility bill or bank statement)

Can I open an An Post savings account online?

Yes. You can apply for Savings Bonds and Prize Bonds online at statesavings.ie, and manage Demand Deposit accounts through the An Post Money app (Revolut online access). The process requires your PPS number and takes about 10 minutes.

State Savings vs Bank Accounts: side-by-side comparison

Three product types, one clear pattern: the safer the product, the lower the return.

The pattern: you pay for safety with lower returns, and digital banks reward risk with higher rates.

Step-by-step: opening an An Post savings account

1. Choose your product – Savings Bond, Prize Bond, or Demand Deposit based on your access and term needs.
2. Prepare documents – Have your PPS number, photo ID, and proof of address ready.
3. Apply online – Visit State Savings official site or use the An Post Money app. For branch applications, bring documents to any An Post office.
4. Complete verification – Provide your PPS number and identity documents. The system checks your details against government records.
5. Fund the account – Transfer your lump sum from a current account or debit card. For Prize Bonds, minimum €100; for Savings Bonds, minimum €500.
6. Receive confirmation – You get a certificate or digital confirmation. Account access is immediate for Demand Deposits.

The catch: online applications are faster but require a smartphone or computer with internet access.

What we know and what remains unclear

Based on the available information, let’s separate confirmed facts from grey areas.

Confirmed facts

• State Savings are 100% government backed (State Savings guarantee)
• No fees are charged (An Post fees)
• Tax-free options are available (Childcare Plus and 6 Year Instalment Savings) (Revolut tax-free products)

What’s unclear

• Current interest rates for Savings Bonds are not consistently published
• Maximum deposit limits for some accounts (e.g., Demand Deposit) are not clearly stated

Expert perspectives

Your savings are placed directly with the Irish Government. No fees or commissions.

An Post official provider

The highest savings account rate in Ireland is 3.30% offered by Deutsche Bausparkasse Badenia.

Honest Finance rate comparison

For Irish savers with a lump sum, the choice is clear: full security with State Savings, or chase higher yields with a digital bank. If you cannot afford to lose a cent, An Post’s government-backed products are the only truly risk-free option. If you can tolerate a small amount of credit risk, the potential reward – an extra 2-3% per year – is substantial on a large one-off deposit.

For those seeking alternatives to the traditional state-backed account, a comparison of top Irish savings rates can reveal significantly higher returns through EU-based platforms.

Frequently asked questions