New ‘Double Your Interest’ deposit product

New ‘Double Your Interest’ deposit product from Bank of Ireland, the home to over one million savers

Bank of Ireland, the home to over one million savers, has today announced the launch of a new ‘double your interest’ deposit product for personal customers.  The new 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.  Importantly, account holders have the option to withdraw some or all of their savings at the end of year one, if needed.

Key Product Details:

  • Open a Double Your Interest account and earn 3% EAR Fixed for a 1-year fixed term.
  • Earn double the initial interest rate, 6% EAR fixed, for a second 1-year term.
  • Customers are free to withdraw all or any funds, with interest, at the end of year 1.  Any funds remaining will automatically move into a second 1-year term.
  • The product is available to any customer bringing new funds to Bank of Ireland Group. The minimum single lodgement to the account is €20,000. Maximum lodgement is €1 Million.
  • The product is available through any Bank of Ireland branch.

“Bank of Ireland is home to over one million savers and we have multiple product types to suit individual savings needs.  To maximise the opportunity for savers to get the best return we are always looking at new concepts and feel this one is both innovative and simple in rewarding consumers.    We continue to experience a strong appetite among savers to put money aside for the medium to long-term, demonstrated by the depositing of over €4 Billion in 18month+ term deposits to retail customers since the start of 2008.  Whilst the majority of customers may still prefer to opt for shorter term savings, this new product gives an excellent additional fixed interest option for those looking to save over the medium term”, said Mark Kelly, Deposit Product Manager at Bank of Ireland.

“Research consistently shows that rate and access are two key drivers behind any individual deposit product purchase decision and this product combines both of those needs, in a meaningful way,” Kelly concluded.

Bank of Ireland offers over 20 savings products that span a wide range of needs from ATM card instant access deposits, short-term notice accounts and products offering 1-month to multiple year term rates.  We also have dedicated savings and investment advisors available across our nationwide branch network and via our specific ‘savings advice’ telephone line 1890 365 254.

Ends                                                                            23 March 2011

For further information contact:

Mary Brennan                                                              Mark Kelly

Group Communications                                            Deposit Product Manager

Bank of Ireland                                                            Bank of Ireland

Tel: 076 6234781                                                         Tel: 01 6044293