Irish banks are currently offering unappealing demand deposit rates, with PTSB, BOI, and AIB providing rates of 0.01%, 0.10%, and 0.25% respectively. These rates are significantly lower than the European Central Bank's target inflation rate of 2%. As a result, Irish savers utilizing these accounts face a situation where they are likely to lose money in real terms, as the rates do not keep up with inflation. This ongoing trend continues to hamper the financial prospects of savers in Ireland.
The current demand deposit rates offered by Irish banks such as PTSB, BOI, and AIB are disappointingly low, standing at 0.01pc, 0.10pc, and 0.25pc.
With the European Central Bank's target inflation rate at 2pc, Irish savers face a situation where their stored cash effectively guarantees loss of purchasing power.
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