Irish savers losing out on €5bn per year due to ‘paltry’ deposit rates

📆 8/23/2023 11:58 AM
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Nearly €140 billion of demand deposits earn as little as 0.04 per cent to 0.28 per cent in interest

Irish savers are losing out on €5 billion in deposit interest on an annual basis as a result of “paltry” rates on offer from Irish lenders, one financial advisor has warned.

Savers in Ireland are subsidising borrowers, according to Vincent Digby, Managing Director of Impartial Financial Advice, as Irish banks rank amongst the lowest in Europe for passing on interest rate increases from the European Central Bank to depositors.

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