A survey by Bonkers.ie found that one in four adults (25%) are unaware that favourable interest rates are available for savers.
There is currently a record 156 billion euros deposited in banks, with almost 90% of it in accounts paying an average of 0.13% interest.
The average interest rate on fixed deposit accounts in Ireland has risen to 2.68% from 0% two years ago, with AIB and Bank of Ireland launching accounts with 3% interest, and Revolut and N26 offering instant-access savings accounts with interest rates of up to 4%.
Elsewhere in Europe, around half of savers have parked their money in high-yield term deposits, but one in 10 respondents believe transferring money is too much of a hassle.
Of the 1,000 adults questioned for the survey by Bonkers.ie and RED C, a further quarter said they don't want to put their savings aside, and one in 12 don't have a savings target.
A further third said they would not opt for a better savings rate because they don't have significant savings.
“Our timely research has also revealed that a significant number of people are understandably hesitant to park their funds for long periods of time,” said Darragh Cassidy, communications director at Bonkers.ie.
“However, fixed-rate accounts are also available for shorter terms of six months to a year.”
One in 10 people believe that transferring accounts is too much of a hassle.
“And in recent weeks, online-only banks N26 and Revolut have launched instant-access savings accounts with competitive interest rates, allowing people to top up their savings and make withdrawals almost instantly within the banks' mobile apps.”
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