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Minister McGrath welcomes State Savings interest rate increases

The Minister for Finance, Michael McGrath TD, has welcomed the announcement by the National Treasury Management Agency (NTMA) of increases in the interest rates on a number of longer term State Savings products.


Commenting on the rate increases which come into effect from today (Sunday), Minister McGrath said:


“State Savings has acted as both a valuable conduit for the Irish State to raise funding and for the public to invest their savings securely. 

The interest rate environment has changed significantly since the last State Savings rate reduction in January 2021, and I am delighted that these rate increases, the first to any State Savings products in 15 years, will now provide State Savings customers with an increased return on their savings.”




Note for Editors


The rationale for the proposed increase reflects the current interest rate environment. Since the last rate reduction in January 2021, the European interest rate environment has changed as bond yields have moved from negative to positive territory. In keeping with this Irish 5 and 10 year sovereign bond yields were yielding negative rates in January 2021, compared to over 2.5% currently.


The rate increases to 5 Year Savings Certificates, Instalment Savings and the 10 Year National Solidarity Bond will be the first State Savings interest rate increases for approximately 15 years. When setting interest rates, the NTMA is mindful of the balance between providing customers with an investment option and providing good value to the Exchequer in terms of borrowing costs.


The increased rates will only apply to new issues of the specific products concerned so current holders will be unaffected. 


The fixed interest rates which come into effect from Sunday 26th March 2023 are:




New Interest Rate

New AER 

Previous Interest Rate

Previous AER Rate


Savings Certificates

5 years






Instalment Savings 

6 years (1 year saving plus 5 years on deposit)







National Solidarity Bond

10 year









Communication of these changes to customers includes notifications in National Newspapers on Sunday (26th March) and Monday (27th March); in Post Offices; on the State Savings Website; on all Brochures/Application Forms and via Call Centre messaging.


The NTMA keeps interest rates for State Savings under constant review to ensure that products remain competitive in the savings market generally, whilst providing good value to the Exchequer in terms of borrowing costs.


About State Savings

State Savings form part of the National Debt of Ireland which is managed by the National Treasury Management Agency (NTMA)


The repayment of all State Savings money is a direct and unconditional obligation of the Government of Ireland. Funds saved in State Savings Fixed Term products and Prize Bonds are placed in the Central Fund of the Exchequer and are used to fund Government expenditure. 


State Savings offer a wide variety of short, medium and long term savings products. No fees, charges or commissions apply to holding State Savings products.


State Savings Online is the easy way for a saver to manage savings. It is possible to view and manage holdings across all State Savings Fixed Term, Prize Bonds and Instalment Savings products. Initiate repayments to a nominated bank account (sole holdings) or reinvest funds to another State Savings product, including Prize Bonds. 


At end-2022, State Savings balances totalled approximately €25 billion.


For more information about State Savings go to


About the NTMA

The National Treasury Management Agency (NTMA) is a State body which operates with a commercial remit to provide asset and liability management services to Government. Businesses managed by the NTMA include borrowing for the Exchequer and management of the National Debt, the Ireland Strategic Investment Fund, the National Development Finance Agency, NewERA and the State Claims Agency.