Irish savers are experiencing newfound benefits from high deposit interest rates as summer 2024 approaches, largely due to the pressure of competition from fintech companies like Revolut. Retail banks have begun to pass on the interest rate hikes implemented by the European Central Bank (ECB), acknowledging the increasing demand for attractive savings options. With Revolut leading the way in offering instant-access savings at a rate of 2%, this trend is set to encourage more individuals to maximize their savings before potential rate drops later.
The early summer of 2024 let in a glimmer of light at the end of the tunnel for Irish savers. They were starting to get rewarded for their financial prudence as the retail banks finally began passing on interest rate hikes imposed by the European Central Bank (ECB) - but only under the pressure of competition from fintechs.
Revolut raised the bar in May when it introduced instant-access savings accounts with a deposit rate of 2pc for standard and plus members.
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