One in four adults (25%) aren't aware of better interest rates available to savers, research from Bonkers.ie shows.

A record €156bn is now on deposit with banks, but almost 90% of it is in accounts that pay an average of 0.13% interest.

The average interest rate on fixed-term deposit accounts in Ireland has risen from 0% two years ago to 2.68%, and AIB and Bank of Ireland have launched accounts with 3% rates and Revolut and N26 have offered instant-access savings accounts with rates of up to 4%.

Around half of savers in other European countries have placed their money into higher yielding fixed-term accounts, but one in 10 respondents believe that it's too much hassle to move their money.

A further quarter of the 1,000 adults questioned by Bonkers.ie and RED C for the survey said they don't want to lock away their savings, and one in 12 have no savings goal.

A further third said they don't opt for better savings rates because they don't have any major 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."

(Pic: Getty Images)