Savers who put away €500 a month will make as little as €1.63 in interest after a year, according to the Competition and Consumer Protection Commission (CCPC).
The CCPC’s comparison of regular savings accounts shows consumers in Ireland can earn between €8.13 and €1.63 in interest in one year while saving €500 each month, depending on their chosen account and provider.
Tools are also available online for consumers to compare the fees and benefits of other financial products, including credit cards, current accounts and mortgages, across all major financial providers.
When it comes to credit cards, comparison shows that consumers will be charged an annual percentage rate (APR) – the cost of borrowing money over a year on the card – between 13.8 and 26.6 per cent, depending on their chosen card.
For personal current accounts, consumers can be charged between €0 and €18 every quarter in account maintenance fees, and furthermore charged between €0 and €2 for cash withdrawal, depending on their chosen account.
Consumers should use the full suite of impartial Money Tools from the CCPC to compare, switch and save on their financial services, according to Minister for Digital and Company Regulation Robert Troy.
“An excellent feature of the Money Tools are the different calculators ie, a mortgage calculator, extra mortgage payments calculator, spending calculator and budget planner. By using these calculators, consumers can see how much money they could potentially save,” he said.
“For many, the impact of the Covid-19 pandemic has served as a catalyst for change, in terms of how they manage their money, as well as consumer attitudes to switching providers in order to seek better value in the market.
“I would encourage consumers to visit the CCPC’s website, ccpc.ie and avail of these very useful tools which could end up saving consumers significant amounts of money in the long run.”