Ten-year record
Irish savings account vs a world ETF, 2016 to 2025
The same money, the same ten years. On one side the average Irish deposit rate published by the Central Bank, with 33% DIRT taken off the interest. On the other, the MSCI World index in euro, with the 38% exit tax and the eight-year deemed disposal charged in full.
Updated 7 September 2026
Amount put away at the start of 2016
€10,000 from January 2016 to December 2025, after Irish tax
Savings account
€10,112
0.11% a year after DIRT
World ETF
€20,637
7.51% a year after exit tax
+€10,526 more in the ETF, after every euro of tax and charges.
Year by year
Deposit rates are the Central Bank of Ireland's published averages for each calendar year. Index returns are the MSCI World index in euro with net dividends reinvested. Both balance columns already have tax taken off: DIRT each year on the savings side, and on the ETF side the tax that would be due if the holding were cashed in at the end of that year.
| Year | Savings rate | World index (EUR) | Savings after DIRT | ETF after tax |
|---|---|---|---|---|
| 2016 | 0.30% | +10.7% | €10,020 | €10,653 |
| 2017 | 0.17% | +7.5% | €10,032 | €11,154 |
| 2018 | 0.13% | -4.1% | €10,040 | €10,837 |
| 2019 | 0.08% | +30.0% | €10,046 | €12,935 |
| 2020 | 0.05% | +6.3% | €10,049 | €13,495 |
| 2021 | 0.03% | +31.1% | €10,051 | €16,488 |
| 2022 | 0.03% | -12.8% | €10,053 | €14,841 |
| 2023 | 0.12% | +19.6% | €10,061 | €16,983 |
| 2024 | 0.34% | +26.6% | €10,084 | €19,763 |
| 2025 | 0.41% | +6.8% | €10,112 | €20,637 |
Where the tax went
| Savings account | World ETF | |
|---|---|---|
| Started with | €10,000 | €10,000 |
| Growth before tax | €167 | €17,157 |
| Tax charged | €55 DIRT at 33% | €6,520 exit tax at 38% |
| Of which deemed disposal | None | €4,280 |
| Gain after tax | +€112 | +€10,637 |
| Left after tax | €10,112 | €20,637 |
The eight-year rule bites at the end of 2023: €4,280 is taken out of the holding even though nothing was sold, so the last two years compound on a smaller balance. That is the charge the Personal Investment Account is meant to remove.
And then there is inflation
Tax is only half the leak. Prices in Ireland rose 21.8% between the start of 2016 and the end of 2025, so a euro left in a savings account buys noticeably less than it did. Adjusting both sides for the Consumer Price Index shows what the money is actually worth in 2016 shopping.
€10,000 put away in 2016, in today's money
Left under the mattress
€8,212
Savings after DIRT
€8,304
World ETF after tax
€16,948
The savings account did not lose money on paper. It lost €1,808 of purchasing power, because 0.11% a year after DIRT never came close to prices rising at 2.2% a year on average.
What actually got more expensive
The Consumer Price Index is an average, and averages hide the things that hurt. Here is what the last decade did to the prices Irish households notice most.
| Mid-2010s | 2025 | Change | |
|---|---|---|---|
| Median house price, nationally | €225,000 | €387,000 | +72% |
| Household electricity | — | — | roughly double |
| Petrol at the pump | about €1.30 a litre | €1.73 a litre | about +33% |
| Everything, on average | €100 | €125 | +22% |
- CSO Residential Property Price Index, median price of a home sold, 2017 against 2025.
- Household unit prices in Ireland roughly doubled between the mid-2010s and 2025 after the 2021-2023 energy crisis (SEAI / Eurostat household electricity prices).
- AA Ireland national average for regular unleaded, December 2025 against the mid-2010s. The 2016 figure is an approximate reading of the AA archive.
- CSO Consumer Price Index, compounding the annual average change for each year from 2016 to 2025.
A deposit account paying a fraction of a percent was never going to keep pace with a housing market up +72% or an electricity bill that roughly doubled. That gap — not the stock market — is the real risk of holding everything in cash.
Sources: CSO Consumer Price Index, CSO Residential Property Price Index, SEAI energy prices and AA Ireland fuel prices.
How this is worked out
- Savings: the balance earns each year's published average rate, and 33% DIRT is deducted from the interest as it is credited.
- ETF: the balance earns the MSCI World euro return for the year, less 0.20% a year in charges, which is typical of a large low-cost worldwide ETF.
- Exit tax of 38% is charged on the gain after eight years of holding and paid out of the fund, then again on the remaining gain at the end of 2025.
- One lump sum, no additions or withdrawals along the way, and no allowance for inflation.
Sources: Central Bank of Ireland, Retail Interest Rates Table B.1.1 and MSCI World Index (EUR, net) factsheet. This page is information, not financial advice. Past returns are not a guide to future returns, and the value of investments can fall.
What the PIA would change
On these same ten years, the drag came from the eight-year deemed disposal and the 38% rate, not from the investment itself. The Personal Investment Account arriving in 2027 is intended to drop deemed disposal and apply a single flat rate, still undecided until Budget 2027. Our calculator lets you test different flat rates, and the rules ledger records what is confirmed so far.
Cite this page
Journalists, advisers and researchers are welcome to reuse this material under CC BY 4.0. Please use this attribution:
PIA·IE, "Irish savings vs a world ETF: the last ten years", updated September 2026, https://personalinvestmentaccounts.ie/guides/savings-vs-etf-10-years
Figures are calculated by PIA·IE from Central Bank of Ireland deposit rates and MSCI World (EUR, net) returns, after Irish DIRT, exit tax and deemed disposal. Charts are available on request.
Data requests, chart files and comment: press@personalinvestmentaccounts.ie.
Questions
What deposit rate does this use?
The Central Bank of Ireland's average rate on outstanding household deposits, volume weighted across current accounts, notice accounts and term deposits, averaged over each calendar year from 2016 to 2025. You can also switch to overnight (instant access) accounts, where most Irish household money actually sits.
What investment does the ETF side represent?
The MSCI World index in euro with net dividends reinvested, less a 0.20% annual charge to approximate a low-cost, diversified worldwide ETF. It is an index, not a specific product, so a real fund would differ slightly through tracking difference and dealing costs.
Is tax included?
Yes. Deposit interest is charged 33% DIRT each year. The ETF is charged 38% exit tax, including a deemed disposal after eight years of holding, with that tax paid out of the holding, and a final charge on the remaining gain at the end of 2025.
Does this predict the future?
No. It is a record of what happened between 2016 and 2025. Deposit rates and share markets both move, and shares can fall for years at a time, as the 2018 and 2022 rows show.
How much has inflation eaten in ten years?
Compounding the CSO's annual average Consumer Price Index changes from 2016 to 2025 gives a cumulative rise of about 25%. So €50,000 left untouched in 2016 buys roughly €40,100 worth of goods and services at 2025 prices, before any interest is added.
Why compare against house prices, electricity and fuel?
The Consumer Price Index is an average across the whole basket. The prices households feel most moved much further: the median national house price went from €225,000 in 2017 to €387,000 in 2025, household electricity unit prices roughly doubled, and petrol is around a third dearer than it was in the mid-2010s.
How would the Personal Investment Account change this?
The account announced for 2027 is intended to remove the eight-year deemed disposal and replace the 38% exit tax with a single flat rate, still to be set at Budget 2027. On the same ten years of returns, less tax drag would have left more invested and compounding.
Run your own numbers
Compare a Personal Investment Account against a deposit account and a standard fund over 10, 20 or 30 years — with real Irish rates.
Open the PIA calculatorInformation only, not financial or tax advice. Final PIA rules — the contribution limit, the tax-free threshold and the flat rate — are due to be confirmed in Budget 2027 and the related Finance Bill. Figures cited are from the Department of Finance roadmap, Revenue, Skatteverket, GOV.UK and the IRS.