Regular saving rates dropping

S

Stitcher

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I was just on the point of switching from a boi savings goal saver account, which had been reduced to 0.5 %, to the ebs family savings of 1% ish, which was recently listed on the best deals page here, only to find that its rate has now dropped to 0.25.

Now I am thinking Ulster bank or ptsb but will they drop rates too now like the others ? You can't win it seems ! Does anyone know if USB and ptsb will follow suit and drop rates or if one is more likely than the other to remain unchanged? Million dollar question I know but switching is such a faff, taking time and effort ( I had to present ID and a bill to ebs this week before I could get an appointment to discuss opening a regular savings account, thank goodness I hadn't gone all the way and opened it only to have to switch again now).
 
There is no sign of interest rates in the Euro zone rising in the near future or, indeed, in the foreseeable future (whatever that is)

Current assumptions by many market analysts is for no change to the ECB interest rates before the end of 2021
 
IMO it's not worth switching savings account anymore for interest rates. The difference between them are so minimal it's not worth the hassle, as you document above. An appointment to open an account?! No thanks....
 
Stitcher said:
I was just on the point of switching from a boi savings goal saver account, which had been reduced to 0.5 %, to the ebs family savings of 1% ish, which was recently listed on the best deals page here, only to find that its rate has now dropped to 0.25.

Now I am thinking Ulster bank or ptsb but will they drop rates too now like the others ? You can't win it seems ! Does anyone know if USB and ptsb will follow suit and drop rates or if one is more likely than the other to remain unchanged?
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KBC have consistently led the market or joint led the market with their Extra Regular Saver product. Whilst KBC probably will cut again, they will probably continue to lead or joint lead the market.

PTSB have a track record of cutting rates actively. I would guess that they will cut their Instant Access Regular Saver rate in response to EBS and AIBs cuts.

God knows what Ulster will do. Ulster Bank have not cut rates in 18 months or so but one would guess that Ulster Bank will follow suit at some stage soon.
 
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Boyd said:
IMO it's not worth switching savings account anymore for interest rates. The difference between them are so minimal it's not worth the hassle,
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I think that largely depends on the amount of money involved. I recently moved 50k from 0.1% interest to 0.98% AER state savings. Took 5 minutes to fill in a form online, and then 15 minutes in post office getting documents copied as it was my first time opening an account. So 20 minutes of my time for 490 a year tax free. I've been paid less for my time before...
 
Boyd said:
OK, yes fair point, but for more regular amounts...
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I'm not sure if you mean regular to mean monthly or common?
You'd be surprised at the percentage of deposit accounts that have balances over 50k.
 
I took 25k away from PRSB about a year ago. Now have some in an investment account doing a bit better. I’m fairly risk averse so there are possibly better options
 
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