If you want a term deposit, I suggest a 5 year 6 months term deposit with An Post, then review your options on maturity.
Best Buys - Highest Term Deposit Rates
6 Months - Irish Nationwide - 3.33% 1 Year - Anglo Irish Bank - 3.60% 2 Years - Irish Nationwide - 3.49% 3 Years - An Post - 4.30% 5.5 Years - An Post - 4.70%
Take another look at Fungus reply above. Remember Halifax is 7% over two years which works out at 3.44% AER. And that is liable for DIRT at 25%. An Post schemes much better for children.