Deposit interest rates due to rise further?

[BrokeBroker]

Was in AIB today just getting clarity on a few things (they charge 20 cent per standing order, even if it's between your own accounts).

But the adviser mentioned, based on her experience and mortgage rates continued elevation, she expects interest rates on deposit/savings accounts to potential continue rising in the next period.

i.e. first AIB introduced their fixed term for 12 months, the for 24 months, increase in online saver rates.

They're trending upward and apparently she expects that to continue as a "kick back" of mortgage rates increasing (as they continue to).

Thoughts?

I deliberate this as of course, once you have your fixed term account open, that's it, locked in.
No possibility to avail of new interest rates.

Worth holding off a couple more weeks/month to see what happens?

 

[ClubMan]

But the adviser mentioned, based on her experience and mortgage rates continued elevation, she expects interest rates on deposit/savings accounts to potential continue rising in the next period.

Hardly surprising given that the ECB has practically said that rate increases to tackle inflation are not yet done.

ECB 'still has some way to go' with interest rate hikes

With another interest rate increase on July 27 all but assured, ECB Governing Council member Joachim Nagel has been vocal about the need for further tightening.

www.irishexaminer.com

Worth holding off a couple more weeks/month to see what happens?

Maybe for some marginal extra interest but as per your other threads on basically the same issue, putting large amounts of money on deposit, especially for years, generally isn't a good idea.

 

[podgerodge]

But age is also a consideration. When approaching retirement, or retired, many will not want to get into what may be perceived as, and may well be, risky investments (and in relation to equities, when fast approaching 'old age', you might not have the stomach for 'it'll all work out in the next 10 years'). So what options to deposits attracting c.3% that don't keep you awake at night.

I really can't see many people in 55-60+ age group doing much else. But would love to hear views.

 

[Grizzly]

I am in my 70's.

As my NTMA accounts mature I am not renewing them.

I have helped out my children via the bank of Mum & Dad. Some more will need to be spent helping out. I notice that it has become the Bank of Grandad and Grandma also.....

I have had excessive sums of money in my current account. Some money has been spent on home improvements, some more to spend.

I have about €150k in the stock market. I generally hold short to medium term with one long term holding. I have been tempted to double this amount but having been through boom and bust twice now, I don't have to time to face in to a third episode. Although I do believe that there is huge upside in one UK sector that will happen within the next two years.

I am moving money to mainstream banks, now that I can get 2% per annum interest, no point in leaving it in my current account anymore, but as BrokeBroker says above there could be more upside in interest rates so I don't want to tie up too much money yet. Slowly open a few accounts maybe.

We are spending money on ourselves as well, nice holidays etc. but I still won't pay the excessive price that the Irish hotels are looking for, for a few nights away. I do find that having had a fairly frugal but enjoyable life I am releasing the purse strings, but still like value.

 

[BrokeBroker]

Hardly surprising given that the ECB has practically said that rate increases to tackle inflation are not yet done.

ECB 'still has some way to go' with interest rate hikes

With another interest rate increase on July 27 all but assured, ECB Governing Council member Joachim Nagel has been vocal about the need for further tightening.

www.irishexaminer.com

Maybe for some marginal extra interest but as per your other threads on basically the same issue, putting large amounts of money on deposit, especially for years, generally isn't a good idea.

Why?

Say you don't need the cash immediately but may in the next 2 years?

Deposit interest accounts seem the most logical option?