Irish people could earn nearly four times more interest on their savings by moving their money to a European bank account.reporter Barry Whyte has been examining the interest rates on offer around Europe after Public Expenditure Minister Pascal Donohoe said people could deposit their savings abroad if they weren’t happy with the rates on offer at home.this morning, Barry said setting up a European bank account is ‘very straightforward’ – and perfectly legal.
Barry said there are several different platforms that can help you set up a European account –includingHe said he set up an account with Dutch company“You have to provide identification and a number of other details, but basically, it was just like setting up a Revolut account, which I think a lot of people have done in recent years,” he said.Then Finance Minister Paschal Donohoe, 27-09-2022.
He said Minister Donohoe was trying to nudge the banks towards offering better deals when he said Irish customers could deposit outside of Ireland. “He's trying to force them to up their interest rates because they have been, I suppose, stagnant for so long and it's always around 0.1% interest on deposits here,” he said.“So you could be earning maybe 0.1% in your Irish account and if you're going to be offered 3.6%, it's almost four times more on the interest you're going to get in your savings.
“So, you know, I think there's a power here of the consumer to improve the rates that are available for Irish depositors by getting out there and switching to these options.”