What is available to Irish savers?
In Irish banks and building societies, amounts of up to £3,000 (€3,812) have generally earned no interest or very minimal interest of, say, 0.1 per cent if they are held in an account to which the customer has immediate access.
If savers are prepared to put that money on deposit for a period of up to one month or a year, they have been offered a rate of interest of 22.5 per cent. Deposits of £5,000 to £100,000 again attract the best rate when tied up for a fixed period with some institutions offering to pay a rate of interest of 4 per cent on these sums. If the customer wants immediate access to the money the rate is much lower, ranging from 1 per cent to 2 per cent, depending on the amount deposited.
An Post's main variable deposit rates are 0.25 per cent for sums under £5,000 and 0.5 per cent on higher sums.
Northern Rock offers a rate of interest of 4 per cent on amounts from £1,000 to £2 million. Savers can withdraw their funds without giving notice and will not incur any penalty. Instructions to make withdrawals must be made though the post, by phone or fax or over the Internet. Northern Rock says it should take up to four working days for the funds to be issued.
