Ireland’s State savings will see an increase in the rates applied to newly-issued products from the end of the month, after the National Treasury Management Agency (NTMA) announced its first hike since October 2023.
From August 30th, the variable rate used to calculate the monthly prize bond fund will increase from 1 per cent to 1.5 per cent, meaning “the weekly draw will have more prizes and higher-value prizes,” the NTMA said.
While the monthly top prize of €500,000 will remain unchanged, the weekly top prize will double to €100,000.
Other changes to the fund include 50 prizes of €1,000 being awarded every week, instead of the current arrangement of 20 prizes of €1,000 and 20 of €500. The remaining weekly prizes will increase from €75 to €100.
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Some 10,000 prizes are expected to be awarded every week. All prizes are tax free.
The variable rate applied to post-office savings bank deposit accounts will rise by 0.5 per cent to 1.25 per cent, with deposit interest retention tax applied.
The annual equivalent rates (AER) will increase for three-year saving bonds by 0.64 per cent to 1.96 per cent; five-year saving certificate rates by 0.55 per cent to 2.29 per cent; six-year instalment saving rates by 0.58 per cent to 2.33 per cent; and 10-year national solidarity bond rates by 0.65 per cent to 2.66 per cent.
Tánaiste and Minister for Finance Simon Harris said the move was “a measure that will help people who are saving and investing”.
The various State savings products form part of Ireland’s national debt. The total value of State savings holdings was €23.9 billion at the end June 2026.
The NTMA’s director of funding and debt management, Dave McEvoy, said “retail savings were an important element of the NTMA’s funding strategy, providing diversification in our funding an investor base”.
“In setting rates on Ireland State savings, the NTMA seeks a balance between providing customers with a safe and competitive savings option and providing long-term value to the exchequer,” he said.
