New research released today by Bankinter has shed light onto the saving habits of Irish people. Commissioned to mark the launch of Deposit Plus, the bank’s new range of fixed-term deposit products, the study surveyed over 1,000 adults nationwide to understand their attitudes, knowledge, and behaviours around savings. 

The reality of Irish savings 

The results paint a stark picture with 30% of Irish adults having less than €1,000 in savings and 11% nothing at all. For the 58% of people holding more than €2,000 in savings, those funds are earning very little, with €146 billion currently in low yielding accounts offering average interest rates below 0.2%, and many offering no return at all. 
 
So why aren’t we making the most of our savings? 

Bankinter’s research asked respondents what prevents them from switching to higheryield accounts. 26% said rates are too low to bother, 14% cited that it’s too much hassle, and 27% were nervous about not being able to access their funds in an emergency. 
When asked what emergencies might require access to their funds, 32% named household repairs or medical needs, and 15% job loss. 
Today Bankinter is introducing its first suite of Irish products, Deposit Plus - a range of fixed-term deposit accounts offering Ireland’s best rate of 2.62% AER for the 6-month fixed rate and 2.30% AER for the twelve-month option. Customers also have the flexibility to access up to 25% of their funds after eight weeks.  
“With so many people keeping money where it feels ‘safe’, they’re missing out on what that money could be doing for them,” said Ciarán Byrne, Head of Everyday Banking at Bankinter. “The key insight from this research is that Irish savers don’t need to take risks; they just need more flexible, transparent options.” 

The confidence gap 

Only about one third of Irish adults (36%) feel confident about their savings. Men are more likely to feel in control (41%) compared to women (31%). One in five respondents (20%) feel anxious about their savings, and over a third (36%) admit they know they should be doing more. Maria McGrath, FleishmanHillard maria.mcgrath@omc.com +35386 1653055 
Knowledge levels also differ with 39% of men agreeing to knowing the interest rate on their main savings or deposit account, compared to just 26% of women. 
“What this research shows is that Irish people are careful with their money, but caution can come at a cost,” said Ciarán Byrne. “Most savers want the reassurance of accessibility and the confidence of a fair return. Deposit Plus was designed with that in mind. It gives people the flexibility they value while rewarding them for the money they’ve worked hard to save.” 
Bankinter customers are supported by a team of over 300 people across offices in 
Dublin and a Customer Contact Centre in Co. Leitrim. More information about Bankinter and Deposit Plus is available at bankinter.ie