According to a survey of 1,000 people more than 75% of respondents were not happy with the rate of return that they were receiving on their savings, as interest rates remain at historically low levels.
Many savers have come to the conclusions that keeping cash on deposit is simply not good value for money and are now looking at other investments to find return for their investment.
Older savers have decided that keeping money on deposit is no longer the way to go with 91% of savers aged over 45 believing that deposit rates are too low.
More than 40% of savers are looking to shares, property or investment funds as a chance to earn a return.
The head of marketing with Standard Life, Brendan Barr said that sales of investment bonds have already tripled this year as deposit rates have remained low.
“We’re already seeing this consumer move from deposits to higher yielding investments through our own business flows,” he said.
A further impetus for deposit holders to invest in investment products is the introduction of a 37% deposit interest rate tax which will come into effect on Jan 1, 2014.
There is €100bn of deposits in Ireland today.
