Looking at my saving account, I see an interest rate of 0.01% because I am over €50,000 saving ( took me years to achieve that).

Looking at [bonkers.ie](https://bonkers.ie) for saving account, I see that most of Interest Rate at max at 0.25%…which is a joke when you look at mortgage interest rate which are much higher…Obviously!

It’s a riot we need when we see how we are being f**** in every area, and do nothing about it.

13 comments

  1. Are you maximising your pension contribution?

    After that probably set up an investment portfolio.

  2. What are your savings goals? If you need the money in a couple of years, put them into prize bonds. If you need it in 3-5 years put them into savings bonds. If you don’t need it for about 5-10 years start buying into the stock market over a period of time.

    Are you maxing out your tax-relief on pension contributions?

  3. It’s low because the ECB rates are low and it costs a bank money to hold your 50k in savings. This isn’t some big conspiracy, simply basic economics.

  4. The ECB controls that since we went bankrupt from being idiotic. And it’s better that way. Blame capitalism

  6. The money the bank hold on my behalf is use by them to speculate and invest in other areas !
    Looking at the profit they are making, it doesn’t look like they will lose money if making interest rate more attractive for customers to join them

  8. Banks pay high rates on savings when they want to encourage more retail customer deposits to give them more cash to loan (and hence they’re always going to be lower than the rates they charge for said loans, or else they’d be making no profits on them…). Right now the banks are flush with cash because they can basically borrow money from the ECB for free, and in fact in many cases they’re being charged to keep money on deposit with the ECB because some of the applicable rates are negative. As such, they have no need of your piddling retail customer savings deposit right now, and in fact they would really rather you *didn’t* give them your money at the moment, because it’s actually costing them far more than they’re making to manage your account and store those funds. Unless you’re going to take out a profitable loan from them yourself, they’d really rather you just go away and don’t come back until the rates have skyrocketed again and it’s more profitable for them to pay you 3-4% APR for your pocket change than to pay the ECB a few percent more for the money they loan out at 10% APR or more.

  9. Check out Raisin.ie
    Alternatively invest in the stock market if you’re happy taking some risk.
    Lastly, pick up a govt bond.
    If you’ve a decent job, the only reason to hold physical cash in a bank account or otherwise is to cover day to day expenses and pay bills/mortgage. I certainly wouldn’t be putting long term savings into a bank account as inflation just eats away at it.

  11. Saving in low risk funds yield 3-6% per year. Most banks provide them. Can give you up to 15K in the next 5 years. More of you keep topping up. (can obviously go down in value and historic performance doesn’t guarantee future growth)

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