Irish banks profiting from customer deposits as interest rates rise

Irish banks are making huge profits from customer deposits due to higher interest rates from the ECB.

Banks pay virtually no interest on regular savings accounts (0.13% typically) yet make ~4% on customer deposits.

Banks introduced 3% savings accounts but with limits, so most people's money still earns little interest.

Customers could earn more by moving to online banks/platforms like Raisin or Bunq which offer higher rates.

Most people don't move their money due to worries about mistakes, time required, or finding the process complicated.