Savings accounts comparison published

The Financial Regulator has today published its first comparison of regular savings accounts offered by the main banks operating in Ireland.

It shows a variation on interest rates for regular savings accounts from over 3 per cent to 7.35 per cent, which, on the basis of saving €200 per month for a year, would see an extra €95 earned at the higher rate.

Consumer director Mary O'Dea noted that the conditions attached to the accounts also differed widely, with some requiring no minimum or maximum lodgement. Others allowed a limited number of withdrawals with penalties incurred if this was exceeded.

"With credit not as easily available as may have been in the past, now is a good time to start saving, rather than borrowing, to fund your lifestyle," she said.

"Starting to save will allow you to manage your money better and give you a cushion against the unexpected. The comparisons show that there are competitive rates out there for consumers who want to start saving regularly."

She advised those considering opening a savings account to examine issues other than the interest rate, such as access to the money in the account and the ability to take a break from making lodgements.

The regulator does not rank the accounts available. Rather, it sets out the core elements of each package to allow for comparison.