Irish savers putting their hard-earned money into the banks are getting little or no return.
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What would you say if we told you that Irish people are needlessly giving Irish banks almost €1 billion every single year that they don’t need to give them?
You’d no doubt shake your head and accuse us of trading in clickbait but, hand on heart, we’re not. While €1 billion is a truly staggering sum, it is not a millions miles away from the estimates suggested by the Central Bank in this regard earlier this year.
And no one would ever accuse the Central Bank of clickbait.
So how are we wasting all this money and why?
The how is perhaps easier to explain than the why.
Irish households currently have savings of about €160 billion – which is pretty impressive all things considered.
What is less impressive, however, is the fact that around €140 billion of the money that we have on deposit is currently resting in accounts that offer interest rates averaging less than 0.2 per cent.
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