Banks' interest rate offering to savers branded 'disgraceful'

Figures from the Central Bank show that the average interest rates of new household deposits with agreed maturity is 1.03% here compared to the EU average of 1.92%.

The low interest rates being offered to savers have been labelled “disgraceful” as banks have seen massive windfalls so far this year following European Central Bank (ECB) rate hikes on borrowers and mortgage-holders.

Since July last year, the ECB has steadily been increasing interest rates in an attempt to get a handle on inflation. Following its most recent hike announced last week, rates are up 3.75 percentage points.