+34
Irish savers are leaving up to €150.6 million in low‑yield bank accounts, eroding personal wealth and national growth. With average rates below inflation, more than two‑thirds never switch banks, and many lack financial literacy, leaving money idle and missing out on investment opportunities. Revolut's Wealth Drain Index highlights the loss and calls for micro‑investing solutions.
Irish households are missing out on hundreds of euro a year by leaving savings idle in bank accounts, according to According to the neobank’s European Wealth Drain Index, up to €150.6 million in passive cash is being held by Irish households, a sum that is being eroded by inflation.
It also represents a loss of up to €11 billion in annual growth capital from the economy, hampering competitiveness. Revolut’s figures put the loss at up to €731 per €10,000 that is left sitting in lower interest bank accounts rather than being invested. A further €210 per €10,000 is being lost to inflation, with the average one-year deposit rate for Irish bank accounts at currently 1.75 per cent, less than the 2.1 per cent rate of inflation.
Despite this, the data shows inertia among Irish people. More than two-thirds of savers – 66.5 per cent – said they have never switched banks for a better rate, and almost 16 per cent of Irish citizens do not have a savings buffer.
State wants us to be tech-savvy, but the problem is we do not trust technologyICG share price signals narrow path to approval of takeover at EGM More than 40 per cent underestimate or are unaware of the impact of inflation on their money, while three quarters said they use multiple financial apps, which can impact investing by making it too complex to transfer money or get an overview of ability to save. More than a third blamed risk perception and a lack of knowledge for their lack of investment, but 41 per cent said they would start if offered micro-investing opportunities, while almost 40 per cent want transparent risk information.
“For too long, traditional banks have relied on consumer inertia, leaving their money stranded in low yield accounts while inflation erodes wealth. We built Revolut to break that cycle,” said Rolandas Juteika, Head of Wealth & Trading at Revolut.
Teenagers appear in court without legal representation due to solicitors strikeThe Paper season two on Sky One: Domhnall Gleeson is up against it as both the straight man and punch bagTrump visit will see Phoenix Park closed and restricted access in west Clare
Irish Savings Interest Rates Inflation Financial Inertia Micro‑Investing
Ireland Latest News, Ireland Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Rory McIlroy grouped with MacIntyre and Koepka for Amgen Irish Open at DoonbegRory McIlroy will open the Amgen Irish Open at Trump International Golf Links in Doonbeg alongside Robert MacIntyre and Brooks Koepka. Shane Lowry, Jon Rahm, Patrick Reed and a deep Irish contingent are also part of the field.
Read more »
Yoga Teacher Finds Purpose and Community After Cancer DiagnosisAfter receiving a cancer diagnosis, Irish yoga instructor Naoise Ní Bhrion turned to social media and the Irish language to rebuild her life, inspire others, and maintain a strong online community.
Read more »
Irish Govt Narrows HSE Regional Spending Power to Curb OverspendThe Irish government has tightened control over the Health Service Executive's day‑to‑day spending after an audit revealed billions of euros in waste. Regional boards lose autonomous expenditure authority, with all costs now routed through Central Finance. The change aims to improve accountability, reduce waste and ensure resources serve patient needs. New oversight, a digital platform, and quarterly reporting will monitor implementation. Critics worry about slow decision‑making, but the initiative reflects a push for a more fiscal‑responsible health system.
Read more »
Irish War Memorials, 100 Years of Remembering the South Irish DivisionsDesc: A long narrative about the 1923 appeal to build static memorials to Irish war dead in the First World War. The plan was to build simple monuments, a granite cross, a bilingual plaque and to place them in cities including an early meeting in a remote front line location. The event was attended by representatives of the king and a large crowd. The ended, the memorial cross printed in the Irish Times. By 1926, the memory embraced a new government policy within the free State that respected the Irish Essex.
Read more »