Inflation reduces the purchasing power of money over time, so your savings may buy less even if the balance increases. If the interest earned is lower than inflation, the real value of your savings is falling; tax on interest may reduce the return further. When comparing savings options, consider the rate, access terms, tax treatment and whether the level of risk is suitable for your circumstances. Interest rates and inflation change, so check current information with your provider and Revenue, and consider Citizens Information for general guidance.