Kieran Coughlan: Time to examine the rates of interest you are paying

The edging up of deposit interest rates is good news, but of little comfort to borrowers whose costs have been steadily rising

It is easy to become overwhelmed by a wave of information about different rates — the key piece of information you need to ask for is the APR. Picture: iStock

Borrowing costs are creeping up across a whole spectrum of products from overdrafts, to term loans, stocking loans, and hire purchase and leasing products. 

Thankfully this past week also saw deposit interest rates increase for savers but that’s of little consolation if you are a borrower.