An Post cuts returns on new investments

Savers with An Post will face lower returns on new investments from today.

It comes as the National Treasury Management Agency has decided to cut its interest rates.

For instance, customers with a three-year fixed rate savings bond will see the interest rate drop from 7% to 4%, while those with the six-year installment savings rate will see falls from 17% to 14%.

The cut will only effect new investments.

Consumer Columnist with the Herald Newspaper, Sinead Ryan, said the Government wants people spending and not saving.