(Image: Pixabay)An increase in deposit rates at AIB and EBS has been branded "a PR stunt".
The banks announced the boost for savers today - which could put pressure on their competitors to follow suit.
From today, a new 2 per cent interest rate will apply to AIB’s regular online, Junior and Student and the EBS Family saver accounts.
It means customers will get an increased return on their savings.
However, it only applies to the first 1 thousand euro per month up to 12 months - after which it will revert to 0 point 1 per cent.
Financial planner Paul Merriman from askpaul.ie thinks that’s an insult to consumers:
"This stinks of a PR stunt. I think it's not enough."
"All the banks are getting off the European Central Bank should've been passed on to consumers, especially considering inflation."
"So yeah, it's a very limited increase."
So it is good news for savers today - but perhaps not something to write home about.
