The Pat Kenny Show Ask The Expert: On saving your money
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May 12, 2025 Carl Widger, Managing Director of Metis Ireland, shares expert insights on effective saving strategies for Irish households. He highlights the impact of traditional banking versus emerging fintech solutions offering better interest rates. The discussion includes smart saving methods in a fluctuating market and the benefits of longer commitments for higher returns. Carl also emphasizes global diversification for risk mitigation and tax relief, ensuring that listeners can enhance their long-term savings goals. It's a must-listen for savvy savers!
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Ireland's Massive Savings in Low-Yield Accounts
- Irish households hold a massive €165 billion on deposit, showing strong saving habits.
- However, many accept low interest by sticking with overnight or demand deposit accounts.
Seek Fixed-Term Deposits
- Ask your bank about fixed-term deposits for better rates, typically 3 to 24 months.
- Longer commitments often yield higher interest rates but rates can fluctuate over time.
Banks Profit from Low Deposit Interest
- Irish banks profit heavily from low interest rates on deposits while charging borrowers more.
- This is driven by the net interest margin between lending and deposit rates.