UK Tens of thousands of savers are seeking to transfer their cash out of the UK and into Irish banks – including the Post Office accounts run by Bank of Ireland – to gain the unlimited deposit protection recently afforded them by the Irish government. The first three days of this week have seen three times the normal level of new accounts and inquiries about Irish banks, according to price comparison website moneysupermarket.com, with Irish institutions accounting for 25 per cent of all the savings-related traffic to the site. The number of inquiries was “into tens of thousands”, a spokesman for the site said.
Bank of Ireland confirmed that it was seeing an increase in new accounts, and the Post Office – whose Instant Saver, Fiveyear Saver and Growth bonds are operated by Bank of Ireland – said it has seen customer demand accelerate this week.
