The failure of Irish banks to increase deposit interest rates in line with multiple rate hikes from the European Central Bank (ECB) since last summer is costing Irish savers more than €120 ...

The European Central Bank has increased the deposit facility rate paid to banks on surplus deposits lodged with the Central Bank from minus 0.5 to 3.75 per cent since July of last year.

Homepage news Banks' interest rate offering to savers branded 'disgraceful' Figures from the Central Bank show that the average interest rates of new household deposits with agreed maturity is 1. ...

Interest rates on Regular Saver accounts will also increase from 1% to 2%, on balances up to €12,000. A rate of 0.5% will apply on balances above 12,000, up from 0.01%.

A rate of 0.50pc (previously 0.01pc) will apply on balances above €15,000. On the Regular Saver account, the rate is to be increased to 2pc (previously 1pc) on balances up to €12,000.

The European Central Bank will need to increase rates again in March following its meeting next week when a hike similar to December's 50 basis point increase is required, governing council member ...