Initial Uptick Observed in State Savings Interest Rates Since 2007

For the first time since the financial crisis of 2007-2008, interest rates on state savings accounts have increased. This is great news for savers who have been stuck with low interest rates for over a decade. In this article, we’ll take a closer look at what this increase means for savers and examine the reasons behind the rise in interest rates. Whether you’re already a saver or considering opening a state savings account, this article will provide you with valuable insights into the current state of interest rates on state savings accounts.


State-backed savings accounts are to offer higher interest rates, according to the National Treasury Management Agency. New rates are effective immediately, with increased returns being offered on fixed-rate savings certificates, instalment savings, and the ten-year National Solidarity Bond. The bond will now yield 16%, up from 10%, bringing the annual rate from 0.96% to 1.5%. The rate increases were focused on medium to long-term products offerings. The ten-year bond was last offering State savings rate increases in August 2007, with rates being cut seven times since the last cut in January 2021. Current holders will not see an increase; the NTMA said it constantly reviews rates to ensure products remain competitive while providing good value to the Exchequer in terms of borrowing costs. State Savings form part of the national debt of Ireland, managed by the National Treasury Management Agency.


In conclusion, the recent rise in state savings interest marks a significant milestone for savers across the country. After years of stagnant rates, this development offers a glimmer of hope for those looking to grow their savings. While the increase may not be substantial, it is certainly a step in the right direction, and one that should be celebrated. It’s also a reminder of the role that state savings can play in helping to build a solid financial foundation. So whether you’re looking to save for a rainy day or a long-term goal, it’s worth considering state savings accounts as part of your strategy. With these accounts, you can earn interest while keeping your money safe and secure, knowing that your deposits are backed by the state. So take advantage of this positive trend and start growing your savings today!