We need new system where smart savers are rewarded
IT is a strange state of affairs when the prudent get punished. But that is what is happening in this country, where savers are being thanked for their good sense with savage tax rates on interest earned and ever-reducing returns.
Every month now for almost two years, the interest rates being paid on deposits have gone down.
Back in 2009, banks were paying mouth-wateringly high interest rates. Ulster Bank stood out with a 5.5 per cent rate on its eSavings Plus account.