Savings Rate War Breaks out as Bank of Ireland enters Fight with new Accounts

</p> <h2>Savings rate war breaks out as Bank of Ireland enters fight with new accounts</h2> <p> A savings interest rates war has broken out after a move that reverses fears that deposit rates were about to fall.<br /> Bank of Ireland surprised the market by introducing two new deposit accounts paying up to 3pc.<br /> It comes as new figures show Irish consumers are starting to shift their savings out of demand deposit and overnight accounts that pay little or nothing in interest into higher-yielding term deposit accounts.<br /> The volume of term deposits held by households at Irish credit institutions reached over €10bn last month, according to the latest ECB figures, independent economist Simon Barry said.<br /> That is the highest level since the early months of the pandemic in May 2020, and is more than double the level seen as recently as last September.<br /> Credit to : Irish Independent</p> <p>

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