Irish savers missing out on interest earnings

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Irish household deposits have hit a record high, according to data published by the European Central Bank.

€1.1 billion was added to accounts held with Irish credit institutions in February, according to the ECB, more than reversing the €200m decline recorded in January.Deposits here grew rapidly during the height of the Covid-19 pandemic, as restrictions limited workers' ability to spend.However the ECB figures also show that vast majority of that money was being held in overnight deposit accounts. That means it wasn't gaining interest for holders.

"In Ireland the share of overnight in the total is about 90%, and that means that Ireland is an outlier in the wider eurozone - there's no other country where the share of overnight balances is as high as it is in Ireland." He said that Irish consumers would have traditionally been better at holding their deposits in longer-term savings accounts, but that the"inertia" of the past few years seems to have changed that approach.

 

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