Savers urged to act as banks set to cut better interest rates soon

Bank of Ireland's recent reduction in savings rates, following four cuts by the ECB, highlights growing concerns over decreasing returns for Irish households on deposits.

Despite the latest changes, Bank of Ireland still offers competitive rates of up to 3% on certain savings products, illustrating a mixed environment for savers.

With major banks like Bank of Ireland and AIB continuing to offer fixed-term savings with rates up to 3%, customers may seek to lock in these rates before further cuts.

As the ECB trends towards more rate reductions, many deposit holders may find their interests diminishing, as banks like Revolut and Bunq also lower their savings rates.

Read at Irish Independent