Irish Savers Could Get Double Or Triple Interest On Savings If They Switch To European Bank
Irish savers could double or even triple the interest they’re earning on their savings, if they switch to a European bank.
The ECB has increased interest rates several times in the past 18 months, however Irish banks have been slow to pass it on to deposit holders, despite charging higher rates for those with loans and mortgages.
It prompted the Finance Minister to suggest Irish savers shop around at other EU based banks, where their money is protected by the same guarantees.
Interest rates double that on offer at Irish banks are available.
Mark Coan, from moneysherpa.ie says its well worth shopping around:
“So the differences can be considerable. So what you would see on a typical return is, if you were to put it in a one year account, you’d be looking at three to four times as much coming back in terms of interest if you were to bank with one of the European banks versus one of the Irish pillar banks”.