Consumers with savings in KBC and Ulster Bank have been advised to review their financial position and consider if keeping their savings on deposit is the most efficient use of their cash. KBC deposits are due to transfer to Bank of Ireland, with Ulster Bank savings likely to go to Permanent TSB. He said the acquiring banks were unlikely to widen the thresholds for imposing negative interest, despite the system being awash with cash. “After that, consider State Savings products, which are State guaranteed, have no explicit charges or negative interest and are exempt from DIRT (Deposit Interest Retention Tax) tax,” Mr Ferguson said. Daragh Cassidy of price comparison site Bonkers.ie also advocated State Savings.

Source: Irish Independent April 27, 2021 01:30 UTC