Bank of Ireland launches business deposit account for agri sector
Bank of Ireland today, 1 November 2011, announced the launch of a new deposit product for business customers, the Four Seasons Deposit Account. Designed exclusively for farmers and agri related businesses, it offers a ‘stepped interest’ account with the interest rate increasing every three months rising to a competitive 4% fixed per annum rate in Season Four. Importantly, as a demand account, it allows farmers to manage their working capital more efficiently as they have the option to lodge and withdraw from the account up to four times during the year.
Key features of the Four Seasons Deposit account offering are as follows:
- It is a ‘stepped interest’ account, the interest rate increases every three months – rising to a competitive 4% p.a. fixed in Season 4 (months 10 to 12). Interest is paid quarterly so customers can earn interest on their interest.
- It offers a unique combination of fixed quarterly interest rate increases.
- It allows for four lodgments and four withdrawals at any stage over the year.
- The minimum account operating balance is €10,000 and maximum account operating balance is €100,000.
Four Seasons is the only deposit product in the Irish market designed exclusively for the farming and agri business sector. It is ideal for farmers who recently received the first of their single farm payments and may be looking to save a portion of their money but want to have access to it. Most deposit providers offer higher interest rates with restricted access or access with a lower interest rate. The Four Seasons deposit account offers competitive fixed interest rates, but it also gives farmers the flexibility to access their funds when they need it. These features make it an ideal account for those with farm income.
Customers interested in opening a Four Seasons deposit account should contact their local branch.
For further information contact:
Bank of Ireland
Tel: 076 623 4771 / 087 246 0358