Reduced rates hitting returns

As deposits begin to stack up, banks are less inclined to pay attractive rates, writes Emma Kennedy.

5th May, 2012
Savers should expect lower returns in the months ahead. Photo: Thinkstock

Savers should get ready for lower returns in the months ahead, with deposits rates set to come under pressure.

Last Thursday, the European Central Bank (ECB) announced that it was leaving interest rates unchanged at 1 per cent. However, this historically-low rate could fall further in the months ahead if the ECB decides that Europe needs more economic stimulus.

Recent figures from the Central Bank and the Department of Finance have indicated that fortunes are starting...

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