Pressure was coming to bear on the banks this time last year to offer better returns to depositors against the backdrop of rising interest rates.
They did respond with better offerings but consumers have to be willing to set their money aside for a few years in order to avail of the better rates.
Most of the Irish savers leave their cash in easy access accounts that yield little or nothing.
There has been a bit of movement into higher yielding accounts but a lot of it is being driven by “neo banks”.
These are mainly online operators in Europe and they want cash to lend on to customers on the other side – they are willing to pay for it with higher interest rates.
Article Source – Banks under pressure to improve deposit rates – RTE
