Its new term deposit account has a rate of up to 2.1pc for money left on deposit for 12 months.<\/p>\n
The neobank said its new rate outperforms \u201cnearly all major national banks\u201d.<\/p>\n
Term deposits require customers to lock up their cash for pre-determined timeframes.<\/p>\n
The headline 2.11pc rate applies to 12-month deposits, while a lower 1.76pc for money left on deposit for three months.<\/p>\n
The Dutch-online bank said rates of 1.86pc apply to six month deposits, with a 1.91pc interest rate applying for customers who lock up their funds for two years.<\/p>\n
Bunq executive Joe Wilson said: \u201cWe give our users an easy-to-use, regulated environment where savings and crypto live side-by-side, so they can take control of their money and shape the future they want.\u201d<\/p>\n
The neobank said the interest rate it is offering ranks with the \u201ctop five highest interest offerings\u201d among international financial institutions.<\/p>\n
European players are to shake up the Irish savings market with new accounts being launched in a move that that will be welcomed by depositors.<\/p>\n
Raisin, which acts as a marketplace for savings accounts across Europe, said last week its partner banks continue to increase their savings rates.<\/p>\n
TF Bank from Sweden and Morrow Bank from Norway increased their rates.<\/p>\n
TF Bank raised their easy-access demand deposit to 2.17pc AER (annual equivalent rate), and Morrow increased its 24-month fixed-term deposit to 2.56pc AER.<\/p>\n
Raisin Ireland gives Irish savers access to offers from 30 banks across Europe, we\u2019re confident we have a savings account to suit everyone\u2019s goals.<\/p>\n
New customers can now get an introductory rate of 3.10pc AER with the Raisin Starter Account.<\/p>\n
It comes after MoCo, a mortgage lender owned by an Austrian bank, has launched what it calls an easy-access account offering savers in this country a rate of 2pc.<\/p>\n
Spanish-owned Avant Money is also launching a savings account here in the coming weeks.<\/p>\n
Savers have more than \u20ac160bn on deposit in Irish banks.<\/p>\n
Daragh Cassidy of price comparison site Bonkers.ie said the Irish savings market has seen a noticeable pick-up in activity in recent months.<\/p>\n
\u201cMoCo and Avant Money have both entered the market with savings products, while Raisin has launched a competitive short-term offering. As a result, Irish savers now have more choice than they\u2019ve had for quite a long time.\u201d<\/p>\n
He said the new rates from Bunq are competitive by current standards.<\/p>\n
\u201cBut with inflation running at over 3pc in Ireland, and savings interest taxed at 33pc, most savers will be looking at an after-tax return of well under 1.5pc. So in real or inflation-adjusted terms, that means the value of their savings is still falling.\u201d<\/p>\n
Mr Cassidy said people with large sums sitting on deposit should consider investing their money to try achieve stronger longer-term returns.<\/p>\n
\u201cBut the Government needs to make investing far more attractive for the average saver and reduce the punitive 38pc tax on investment returns,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"Its new term deposit account has a rate of up to 2.1pc for money left on deposit for…\n","protected":false},"author":2,"featured_media":195341,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,3361,61,60,3362],"class_list":["post-195340","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-charlie-weston","tag-ie","tag-ireland","tag-money-experts"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/195340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=195340"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/195340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/195341"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=195340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=195340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=195340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}