independent

Sunday 20 April 2014

Savers' top priority is trust, not interest rate

Picture posed. Thinkstock

TRUST is the most important issue for savers when they are choosing where to put their money, a new survey shows.

Almost four out of 10 adults said trust was the reason they had chosen a particular bank or building society, rather than putting their money where they will earn a higher interest rate.

And a third of adults over the age of 25 believe the euro currency will not survive over the next five to 10 years, according to a new survey from IrishDeposits.ie, a company that gives consumers advice about savings products.

However, even though a large percentage of people believe the euro is doomed, most would not consider changing their savings into other currencies.

This is because they believe it would be too risky to be exposed to changes in the values of sterling or the dollar.

Half of those aged over 25 have a deposit account where they keep their savings.

But most would consider moving their savings to another bank, with the top places to put money considered to be Bank of Ireland, An Post and AIB, the survey carried out by Millward Brown Lansdowne found.

The survey also reveals there is strong resistance to putting money into anything more exotic than deposit accounts in banks, building societies or credit unions.

Seven out of 10 people would not consider putting any money into a tracker bond, a guaranteed investment bond, equity fund or property fund, the IrishDeposits.ie survey shows.

Thousands of Irish people ended up losing fortunes from investing in some of these products during the economic boom years.

There is €92bn in household savings in banks and building societies, and another €16bn in An Post savings bonds, certificates and deposit accounts.

Irish Independent

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