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savings accounts inflation in ireland and europe?

  • 08-02-2011 12:15PM
    #1
    digme
    Closed Accounts Posts: 4,584 ✭✭✭


    I was doing a little research since all this craziness started around 2008.Before 2008 I hadn't/haven't a clue about banking or anything like that so i started reading about it.Today i was looking at savings accounts with various banks as a friend said he was getting 3.5% with the permanent tsb.
    So you think you're getting 3.5 on your money but what about dirt tax and inflation?

    if you deposit 100 at 3.5% interest = €103.50

    minus 27% of 3.5% which is 0.945% €102.52

    minus the rate of inflation = 2.5% which leaves you
    €100.02


    Now according to this site here Ireland's inflation rate is 0.60%
    but isn't a Euro just a Euro?

    What's going on ?
    Is Ireland's 0.60% just prices in Ireland and the 2.5% the EU average?


Comments

  • #2
    catbear
    Closed Accounts Posts: 5,092 ✭✭✭catbear


    Well inflation can be different for everyone. No doubt fuel costs are having an impact but if you don't have a mortgage then you may still be experiencing deflation in most things. As I understand it mortgage repayment increases make up a big part of calculating inflation in Ireland.


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