Double Your Interest attracts €500 million in just eight weeks
Customers deposit over €500m into Bank of Ireland’s ‘Double Your Interest’ Account
Bank of Ireland’s ‘Double Your Interest’ savings product is proving to be a big hit with customers. Launched less than eight weeks ago, over 8500 customers have put away more €500m into the market leading account. The account offers an initial 3% EAR fixed interest rate for a one-year fixed term, but that interest rate doubles to 6% EAR fixed if customers choose to save for a second one-year term.
Due to the success of the product a second tranche of the product has been launched to cater for demand and the double your interest offer will remain open now until 25th May 2011.
Mark Kelly, Deposit Product Manager at Bank of Ireland, said: “The customer response to the new account has been extremely positive as the product gives customers a fantastic guaranteed 2-year rate promise for their money and the flexibility to withdraw some or all of that money at the end of year one, if they wish. Rate and access have always been at the heart of any selection process for a savings product and we believe this product innovation is meeting that key customer requirement.
The Regular savings category also continues to be a very popular choice with our customers. Almost 15,000 regular savings accounts have been opened so far during 2011, with average monthly savings of c. €250 being lodged to the accounts. We have almost 250,000 savers at Bank of Ireland using our regular savers account. The Direct Debit is the key feature for this account type – acting as an efficient money manager for customers, removing funds out of their current account each month, before it’s tempted away elsewhere.”
Product Information, Double Your Interest (May 2011 Edition) account:
• Open an account with a single lodgement between €20,000 and €1 million.
• Earn 3% EAR fixed in the first one year fixed term.
• After year one, customers can withdraw some or all of your savings with interest.
• If they decide to leave some or all of your money in for a second one year fixed term, those funds will earn a 6% EAR fixed for that second year term.
• Closing date is 25th May 2011 but the product can be withdrawn at any time
• Offer is available to any new of existing customer of Bank of Ireland bringingnew funds to the Bank
20th May 2011