There's no real value left in Irish desposit accounts. The best rate in the market right now for a one-year fixed term deposit is 0.9% AER from KBC. Factor in deposit interest retention tax, or Dirt, and that rate falls to 0.37%.
According to a recent survey from Irish Life, almost half of Irish adults have a deposit account wuith an average of €32,000 saved. Understandably, 46% of these deposit account holders say their money is not working hard enough. The alternative is to take some risk and invest it.
While deposit accounts won't make you any money, they have the key advantage of being safe. Under the Government's deposit guarantee scheme, even if your bank or building society goes belly-up, the State will protect €100,000 of your deposit...
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