New research has provided further insights into why savers are not moving their money to accounts that would provide a better return.
Of the €156bn that is now on deposit in Irish banks, 90% of the cash is in accounts that pay nearly no interest.
This compares to other countries in Europe where around 50% of deposits are in fixed-term accounts that have higher interest rates.
A poll of 1,000 adults here, carried out by switching website Bonkers.ie and polling company RED C, found a quarter of those surveyed were not aware better rates were available.
10% said it was too much hassle to move their money to higher yielding accounts.
While one in every four of respondents said they do not want to lock away their savings.
"Our timely research also shows a significant number of people are hesitant about locking their money away for a long period of time, which is understandable," said Daragh Cassidy, head of communications with Bonkers.ie.
"However fixed-rate accounts with terms as short as just six months to a year are available."
"And in recent weeks the online-only banks N26 and Revolut have launched instant-access savings accounts with competitive rates of interest where people can top up their savings and make a withdrawal pretty much instantly within the banks' mobile apps."
Around one in every 12 of those polled claimed they have no savings goals.
Just under a third of those surveyed said they don’t avail of better savings rates because they don’t have any major savings.
10% said their inertia was down to not having time to make the move, but they do intend to.
Data released yesterday by the Central Bank of Ireland show the average interest rate on a fixed-term deposit account is now 2.68%, up from 2.51% at the start of the year and almost 0% just two years ago.
However, rates of 3% and above are available from AIB and BOI and online savings platform Raisin.
Recently online-only banks such as N26 and Revolut have launched instant-access savings accounts with rates of up to 4%.
"The online-only banks, and increasingly the main Irish banks, also make it super quick and easy to set up a savings account, especially if you’re an existing customer, meaning the 10% of people who think it’s too much hassle to avail of a better savings rate needn’t worry," said Mr Cassidy.
"However it is worrying that a quarter of respondents say they’re still unaware of the better savings rates that are on offer."
"While this was the case for many years after the financial crash, half-decent rates have been available for well over a year now."
