I never said I expected anything of the banks, I stated it's depositors, media and politicians that should be applying the pressure. The best on-demand rate is 0.1% at the moment which is pathetic and I think you'd struggle to find worse anywhere else. I know I have a savings account in Australia that is earning 5.5% on demand at the moment. I don't expect the same here but something at least above 1% would be a start. The way the media/politicians are presenting things this week it's patting themselves on the back as if they've "won" the battle with the banks and there's no issue anymore!What would you want? Banks to ring their customers to tell them to change accounts? I have been a customer in an Irish bank for 25 years. To get the best interests, one always had to shop around and informed themselves. I had bank accounts in other juridictions, it was exactly the same.
I wonder will we see a big enough transfer of funds out of the banks and a reaction to same by the banks later this year. The 10 year bond at 22% tax free could be appealing to many who can lock away. Even the humble post office deposit account isn't bad at 0.75% before dirt. Could appeal to many who are scared or incapable of the perceived red tape involved in going the bunq's etc of this world.NTMA increases rates for State Savings products
NTMA increases rates for State Savings products Rates on new fixed term products to increase. The total tax free return on the new fixed rate products are as follows: 3-Year Savings Bond from 1.0% to 4.0% 5-Year Savings Certificate from 5.0% to 9.0% 6-Year Instalment Savings from 5.5% to 10%...www.askaboutmoney.com
That’s an AER of 2.01%.The 10 year bond at 22% tax free could be appealing to many who can lock away.
22% tax free is what most people would zone in on and not the AER I would imagine.That’s an AER of 2.01%.
Meh….
If the speed at which the average saver has embraced Raisin is anything to go by I wouldn't imagine Irish banks have anything to be concerned about.I wonder will we see a big enough transfer of funds out of the banks and a reaction to same by the banks later this year. The 10 year bond at 22% tax free could be appealing to many who can lock away. Even the humble post office deposit account isn't bad at 0.75% before dirt. Could appeal to many who are scared or incapable of the perceived red tape involved in going the bunq's etc of this world.
Irish banks may have a concern though if people switch to An Post offerings though inertia might prevail.If the speed at which the average saver has embraced Raisin is anything to go by I wouldn't imagine Irish banks have anything to be concerned about.
There are a large number of people with access to the Post Office Savings Bank, for whom Raisin, BUNQ, Advanzia et al are totally inaccessible.If the speed at which the average saver has embraced Raisin is anything to go by I wouldn't imagine Irish banks have anything to be concerned about.
It is, but to compare like with like its equivalent to an AER of 3% from the banks when DIRT is factored in. No bank is offering anything like that for a ten year term, with capital guarantees and the option of early withdrawal at any time.That’s an AER of 2.01%.
Meh….
Irish banks may have a concern though if people switch to An Post offerings though inertia might prevail.
There are a large number of people with access to the Post Office Savings Bank, for whom Raisin, BUNQ, Advanzia et al are totally inaccessible.
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