There is nothing stopping Irish people opening a savings account in another EU country.
Consumer Expert and Presenter of The Home Show, Sinead Ryan, was speaking as AIB increased their interest rates on a number of deposit accounts to 2%.
The rate will apply to its regular online saver, AIB Junior, AIB Student Saver and EBS Family Savings accounts.
However it will only be on the first €1,000 per month for 12 months, and then drops back to 0.1%.
Sinead told Lunchtime Live this AIB increase has been a long time coming.
"It's about time - we have had eight interest rate increases on loans and mortgages in the last year, and nothing on deposits," she said.
"The banks are under pressure to do this; they'll still be hoovering up on the aul deposits with the European Central Bank, so let's not lose the run of ourselves.
"Bank of Ireland also is offering up to 1.5% and PTSB actually had been the most generous up to now on regular savings.
"They're creeping up, [but] I wouldn't be getting over-excited.
"Remember: for any interest that you do earn, the Minister for Finance will help themselves to 33% of it in the form of DIRT tax".
A man counting euro notes on a table. Picture by: ronstik / Alamy Stock PhotoSinead said there is no reason Irish people can't shop around Europe for better returns.
"I'm often asked, 'Where can I get a return and keep my money completely safe?' - and I always answer: 'Pick one or the other'" she said.
"If you want it completely guaranteed and safe, you are limited to deposit accounts.
"So either State Savings Accounts, which are tax-free but the return is low, regular banks... or you can go to European banks.
"There's nothing stopping people putting their money in a French bank or a Dutch bank or anywhere else.
"Actually there's a European platform called raisin.com, which compares all these and you can do it through that.
"There's a Portuguese bank - Banco Português de Gestão - they're offering 3.6% on a lump sum deposit.
"Younited, which is like a French offering of a credit union, is offering 3.25% on lump sums at the moment.
"So you can actually get better deals; the restriction is going to be in terms of DIRT tax and tax that you've to pay on that, so it's worth checking that out.
"But there's nothing stopping you doing it.
"The exception is the North of Ireland or Britain - because of Brexit, most banks will not let you open up an account unless you've got a UK address," she added.
