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27 August 2023

Savers suffer as banks reap big profits

The poor rate of interest for savers using Irish institutions is a scandal that dwarfs the one that has been getting so much attention at RTÉ, says Robert Whelan of Rockwell Financial

WHILE the whole country was glued to Oireachtas TV, watching Ryan Tubridy and Noel Kelly get skewered by politicians, I was meeting someone who had just inherited a significant sum of money.

The point of discussion was the fact it had been in the bank for more than six months and they felt they “simply had to do something with it as it’s earning nothing in the bank and inflation is very high”.

It brought to my attention the fact that here we have a country, engrossed with how a semi-state entity spent €400,000, yet meanwhile is seemingly happy to ignore the fact they we, as savers, are missing out to the tune of over €3 billion, per year, in deposit interest from banks, credit unions and the Post Office.

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