More BoI Customers Leaving Deposits in their Current Account

L

Lightning

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Messages
5,381
The BOI results were published today:
[broken link removed]

BoI said:

So, while deposits overall are up, deposits in savings accounts were down and deposits in current accounts were substantially up.

Keeping deposits in current accounts is rarely a good idea but it is a clear side effect of the low interest environment.
 
Last week I decided to transfer 75% of my current account balance into prize bonds.So after 3 months I can access my money on demand and be in with a chance to have a tax free win.

No point in letting BOI use my money for free.
 
I cant understand why people insist on paying at least €20 per year to BOI for a current account when there are alternatives which provide for free banking subject to minor conditions e.g PTSB, EBS or no conditions with Number26.
 
It's not really that people are leaving deposits in current accounts' it's that economic activity is up .
More car purchases, more people working ' higher salaries ' more trade etc. Therefore more money resting in current accounts.
The opposite happened during the recession .
 
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