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

Savings rate war breaks out as Bank of Ireland enters fight with new accounts

A savings interest rates war has broken out after a move that reverses fears that deposit rates were about to fall.
Bank of Ireland surprised the market by introducing two new deposit accounts paying up to 3pc.
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.
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.
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.
Credit to : Irish Independent

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