Banking

Ian Guider: Don’t hold your breath for a better return on your bank savings

Why would the banks offer better returns on cash deposits, when they have no competitive reason to do so?

Deposits have been building up in Irish banks for years, and that cash pile significantly increased during Covid

The focus of attention when it comes to interest rate increases is the impact they have on borrowers. Since last July, the European Central Bank (ECB) has hiked rates five times. A sixth increase has already been flagged for next month, with more expected for later in the year.

Regular watchers of the bank will know, however, that the changes to the main refinancing rate is not the full story. We also need to consider ...