Get the best results from your deposits

Bank customers in Roscommon are losing out on thousands of euro because of inertia, according to a new website aimed at helping consumers find the best savings options available in the market. The website, which was launched this week, compares the interest rates available from leading financial institutions and provides guidance and advice to savers who want to get the most competitive return on their money. IrishDeposits.ie also enables savers to maximise on the different investment options available by diversifying and spreading their funds across a number of institutions and accounts. ‘There is increased competition from the banks to attract customer deposits in light of the credit crunch so it’s a great time for savers to look into the variety of deposit offers available,’ according to Harry Slowey, Director, FinanceOne. ‘IrishDeposits.ie takes away the frustration of trying to find and compare rates from all the individual institutions. ‘We have also found that many depositors are unaware of automatic ‘rollovers’ in place in many financial institutions – when your account matures the bank will reinvest your money but often at a different rate. We estimate that this inertia is costing Irish investors between €1 billion and €2 billion a year,’ he added. FinanceOne has considerable expertise in managing financial products and ensures that interest rates will be maximised when their investment matures. ‘We monitor clients’ deposits as they approach maturity and work with them to ensure that they receive the best possible ‘rollover’ rate,’ he explained. ‘Our model is simple, transparent and free. On IrishDeposits.ie savers can review deposit account details to determine which product would best meet their requirements. If they wish to proceed to set-up an account, we use our experience to negotiate the best possible deals on their behalf. ‘Our service is free and we receive remuneration from the financial institutions after the accounts are established,’ said Mr. Slowey. ‘Typical investors are depositing circa €50,000 as many banks have minimum balances needed to access these high-interest fixed term accounts. FinanceOne will soon launch a sister website, www.irishsavings.ie , for savers who wish to invest under €50,000,’ he added.