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).
New research commissioned by Investec reveals that the average offshore euro no-notice account currently pays 2.02% AER for deposits of €50,000, compared to 3.28% AER paid by the average notice account. This is 1.73% lower than the current ECB rate of 3.75%. 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 t...
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