Sir, – In the US, customers unsatisfied with their deposits can move their cash to a “money market” fund which provides near wholesale levels of interest; this is less common in the EU but not impossible and can be done through an exchange-traded fund.
However, an Irish resident who does this automatically incurs a 41 per cent tax charge, regardless of income level. Instead of caterwauling about the need for new tax on banks, perhaps the consumer advocates and anti-bank activists could press for fair treatment of savers? Even the threat of deposit flight would cause the banks to raise deposit rates. – Yours, etc,
MATTHEW GLOVER,
Lucan,
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Co Dublin.
