As much as one in five Irish people feel anxious about their savings, a new report has found, with almost a third having less than \u20ac1,000 in savings and 11 per cent with nothing at all.<\/p>\n
The report from Bankinter said two-thirds of savers were unaware about the rate they are getting, with men more likely to know the rate than women.<\/p>\n
More than a quarter said they are not confident they are getting a competitive rate on their savings. <\/p>\n
The Spanish banking group, which owns Avant Money, commissioned the research to mark the expansion of its business in Ireland with the launch of a range of fixed-term deposit products. More than 1,000 adults were surveyed on their attitudes, knowledge, and behaviours around savings.<\/p>\n
Many Irish savers have funds in accounts that are earning low yields, with \u20ac146 million in accounts with less than 0.2 per cent. <\/p>\n
\u201cWith so many people keeping money where it feels \u2018safe\u2019, they\u2019re missing out on what that money could be doing for them,\u201d said Ciar\u00e1n Byrne, head of everyday banking at Bankinter. \u201cThe key insight from this research is that Irish savers don\u2019t need to take risks; they just need more flexible, transparent options.\u201d<\/p>\n
More than a quarter said rates are too low to bother switching accounts, while 14 per cent said it was too much hassle to do so. More than a quarter said they were anxious about accessing funds in an emergency, such as household repairs, medical needs or job loss.<\/p>\n
The bank has launched a range of fixed-term deposit accounts, including a six-month fixed rate of 2.62 per cent AER and 2.30 per cent AER for the 12-month term, with the ability to access up to 25 per cent of their funds after eight weeks.<\/p>\n
\u201cWhat this research shows is that Irish people are careful with their money, but caution can come at a cost,\u201d said Byrne. \u201cMost savers want the reassurance of accessibility and the confidence of a fair return. Deposit Plus was designed with that in mind. It gives people the flexibility they value while rewarding them for the money they\u2019ve worked hard to save.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"As much as one in five Irish people feel anxious about their savings, a new report has found,…\n","protected":false},"author":2,"featured_media":218868,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[73],"tags":[76953,76955,79,18,19,17],"class_list":["post-330804","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-avant-money","tag-bankinter","tag-business","tag-eire","tag-ie","tag-ireland"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116049201263557920","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/330804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=330804"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/330804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/218868"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=330804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=330804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=330804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}