Irish banks accused of 'window dressing' over small increases in saving deposit rates

Financial analyst Karl Deeter said banks on the continent offer significantly higher deposit rates with the same deposit protection as elsewhere in the European Union. Picture: iStock

Permanent TSB has followed Bank of Ireland to increase deposit rates, and AIB is expected also to raise its rates soon, but experts say the moves are “window dressing” and Irish savers are failing to get a fair deal from their banks.

PTSB said it was increasing the rates it pays savers by 0.25% across the range of its deposit accounts, while Bank of Ireland earlier this week said a new savings account will pay an initial interest rate of 1.5%.