The average offshore euro ‘no-notice' savings account is paying returns well below the European Central Bank (ECB) interest rate and over 1.25% less than the average offshore euro ‘notice' savings account, according to Investec Bank (Channel Islands).
Laura Preston, spokeswoman for Investec, said: “Our research shows that consumers need to think carefully about whether they really need immediate access to their savings. The rates on many of these accounts are derisory and even the highest paying euro no-notice account only equals the ECB rate.
“It is important that consumers and their financial advisers regularly review the rates on their euro accounts to ensure that they are receiving a competitive return on their funds. If possible they should switch to a high interest savings account with a notice period.”
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