Irish depositors receive some of the lowest returns in the eurozone, with instant-access accounts yielding an average of just 0.13%. In contrast, term deposits offer slightly better returns at an average of 2.44%, but still fall short compared to countries like Italy. Over the past decade, Irish savers have endured the lowest annualised returns at 0.62%. The Central Bank reported that Irish households missed out on €800m in interest last year, primarily due to loyalty to low-yielding overnight accounts and low competition in the banking sector.
Depositors in Ireland face disappointingly low returns on savings accounts, with instant-access accounts yielding an average of just 0.13pc, making it one of the lowest in the eurozone.
Although term deposit accounts provide slightly better returns, at 2.44pc interest over the past year, they still lag behind European counterparts like Italy, which offers an average of 3.06pc.
Irish savers hold onto outdated savings habits, missing out on €800m in deposit interest last year, due largely to the low competition in the banking sector.
The reasons behind Irish savers' loyalty to instant-access accounts may stem from historical low returns, but recent increases in term deposit rates across the EU provide opportunities for better returns.
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