| 17.6°C Dublin

Irish savers don't know their rates

Irish people are still putting their money in deposit accounts, despite banks consistently cutting interest rates, new research shows.

However, almost half of respondents to the Irish Life survey said they don't know the typical return rate on a deposit account, and a further 30pc answered wrongly.

In 2013, a quarter of Irish wealth was held in cash deposits, twice as much as in the UK.

Interest rates are at historic lows as the ECB seeks to encourage lending. Nevertheless, Irish consumers appear to prefer the comfort of having their money in a bank.

"We'd like to see consumers starting to become more aware of the full range of savings and investment options," Irish Life's retail business head Gerry Hassett said.