Expert says there is 'no money in saving anymore'

The ECB interest rate cut is bad news for savers with one expert saying the tide is against saving now.

The rate, now at 0.25%, means less of a return on deposits in banks.

President of the ECB, Mario Draghi, also hinted that the rate could fall lower.

Frank Conway, Director of the Irish Financial Review, says the tide is against savers.

Mr Conway said: "Savers have got a double hit in the last month when we look at the increase in the DIRT rate as well. There's really no money in saving anymore.

"The only reason you would put money into the bank now is because is to put it into a safe place, you're certainly not getting the yield now.

"And where you do get the yield you're looking at at least half of that being taken away in the DIRT tax.

"The tide is against them (savers) at the moment, the Government is saying 'look, we don’t want you holding that money in the bank, get it out'."