The Central Bank of Ireland defines a deposit broker as an entity that may receive deposits on behalf of one or more credit institutions.

The broker must be authorised by the Central Bank of Ireland and may not accept cash.

All cheques or bank drafts must be made payable to the relevant credit institution.

Investments in Property; Equities; Government and Corporate Bonds have all disappointed investors and many people are looking for certainty in an uncertain world.

In the past, most people deposited their savings with their own bank.

Because of the uncertainty surrounding the banks and even the euro currency, people with maturing investments and redundancy or retirement lump sums are seeking advice on how best to structure their savings.

Cash is now a very attractive investment offering capital security and above average returns.

This is because the banks need cash to rebuild their shattered balance sheets and most businesses have withdrawn their surplus cash from Ireland and deposited them abroad.

The banks are therefore required to chase the deposits of personal savers and to pay rates of return that are unprofitable for them.

If and when the euro sovereign and bank debt crisis is sorted, banks will reduce the interest payable on deposits, so savers should make hay while the sun shines.

The aim of all banks is to attract and retain the maximum possible amount of deposits. They also wish to retain this cash at the lowest possible cost to themselves, i.e. . lower interest rates to savers.

Often an attractive taster rate is offered but when the account matures, it falls into an account paying a much lower interest rate.

This is where the deposit broker adds value.

By researching the market and identifying the best rates available, especially when a fixed account matures, the deposit broker ensures that his customers will get the highest interest rate available at all times.

Demand accounts with instant access are currently offering interest rates varying from 0.01% [€1 for every €1,000 on deposit] up to 3.25% [€32.50 for every €1,000 on deposit].

That is quite a difference and worth checking out.