Households are missing out on €300 a year in interest payments because the average rate earned by consumers is just 0.6pc.
But savers could be getting up to 3.3pc in interest, new price comparison website bonkers.ie has found.
Irish Nationwide, Nationwide (UK) and Anglo Irish Bank all pay more than 3pc for money in a demand deposit account. This money can be withdrawn immediately without incurring a penalty.
However, big banks AIB, Bank of Ireland and Ulster Bank pay deposits of less than 1pc, Simon Moynihan of bonkers.ie said.
He has calculated, using Central Bank figures, that households have €38,000 split between current accounts and deposit accounts. Mr Moynihan has estimated that the average household has around €12,800 on deposit, with the rest in current accounts.
But putting this money in either Nationwide (UK), Irish Nationwide or Anglo Irish Bank would earn annual interest of €330, before tax.
He also advised consumers to make sure they have a current account that pays interest, which could generate up to €100 a year.