AIB and EBS are doubling the interest rate for savers.
The rate paid on a number of their deposit accounts is rising from 1% to 2%
The changes come into effect this week and are the first time in over 10 years that Irish savers can get 2% interest.
Business Editor Joe Lynam says it puts pressure now on other Irish banks.
"It raises the bar for rivals. So it's going to put it up to the likes of Bank of Ireland and Permanent TSB to match that figure.
"Savers have earned next to nothing since 2008, since interest rates collapsed in the Eurozone."
