How to maximise long term savings with a lump sum deposit account

If you're looking to grow your money safely and steadily, a lump sum deposit account is one of the most straightforward ways to do it. Unlike regular savings accounts that involve monthly contributions, a deposit account is typically a one-time deposit of a lump sum, locked in for a fixed period with a guaranteed return.
So how much should you deposit in a lump sum deposit account? And how do you choose the right account?
Let’s walk through the essentials of growing your long-term savings.

1. Define your long-term savings goals.

Before deciding how much to deposit, consider what you want to achieve with your savings:

• Are you saving for a major purchase in the next year or two?
• Do you have extra funds sitting in your current account that you won’t need immediately?
• Are you looking for a low-risk way to earn interest on your money?

Letting your money sit in a current account will not help grow your savings long term. See the top reasons to move your savings from a current account to a deposit account for additional information. Deposit accounts are ideal for short to medium-term goals where you can afford to lock away a lump sum for a set period.

2. How much should you deposit?

There’s no fixed rule, but here are some general tips:

• Start with what you won’t need for daily expenses or emergencies.
• Make sure you keep some money easily available in case something unexpected comes up.

The beauty of a deposit account is that it’s simple: you deposit your lump sum once and it earns interest over time. In contrast, a current account may hold your money for just as long, but it typically earns little to no interest.

3. What’s the ideal deposit account balance? 

This depends on your goals and income. Here’s a rough guide:

• €2,000–€10,000: Great for short-term goals like travel, home improvements, or building a small emergency buffer.
• €10,000–€50,000: Suitable for medium-term plans such as buying a car, funding education, or saving for a wedding.
• €50,000+: Ideal for preserving wealth and earning interest on larger sums you won’t need in the near future.

4. Step-by-step: Opening a deposit account.

If you’re new to deposit accounts, here’s how to get started:

1. Decide on your deposit amount: This should be money you won’t need during the term.

2. Select your term length: Typically, 6 months, 1 year, or more.

3. Apply online: Many banks offer quick, paperless applications.

4. Transfer your funds and start earning interest. All interest accrued is subject to DIRT¹.

See our blog on how to make your savings grow with a deposit account.

5. Why choose Bankinter for your lump sum deposit?

Bankinter makes it easy to open a deposit account online . You can deposit any amount between €2,000 and €2 million making it accessible whether you're just starting out or managing a larger sum.

• Apply online in minutes.
• Secure and regulated by the Central Bank of Ireland.
• Fixed returns with no surprises.
• Flexibility to access 25% after the initial 8 weeks subject to 1 withdrawal.
• Bankinter is authorised by the Banco de España in Spain and is regulated by the Central Bank of Ireland.

It’s a smart way to make your money work for you, without the stress of market fluctuations or complex investment products.

Final thoughts

A deposit account is a great option if you have a lump sum and want a safe, predictable return. It’s simple, secure, and ideal for anyone looking to grow their long-term savings without taking risks. Whether you're starting with €2,000 or planning a larger deposit, Bankinter offers a flexible and user-friendly way to get started.