Bank of Ireland launches new ‘Gold’ account – If Ireland wins, you win.

Bank of Ireland, the home to over one million savers, is delighted to announce the launch of its new ‘Gold’ deposit account for personal customers.  In support of Ireland’s participation in the forthcoming summer Games the new account offers a 3% EAR fixed interest rate for a one-year fixed term, but that interest rate increases to 3.5% EAR fixed if Ireland wins a gold medal.   The new ‘Gold’ account is available to new funds from €5,000 up to €1m until 29th June only at branches nationwide.

Key Product Details:

  • Open a ‘Gold’ account up to 29th June and earn 3% EAR Fixed for a 1-year fixed term
  • Earn an additional 0.5% interest rate if Ireland wins a gold medal
  • The product is available to any customer bringing new funds to Bank of Ireland Group. The minimum single lodgement to the account is €5,000. Maximum lodgement is €1 Million
  • The product is available through any Bank of Ireland branch.

Damian Young, Head of Retail Deposits, said: “We have launched this account in order to allow our customers partake in the excitement around the upcoming games. Not only will customers be guaranteed a strong rate of interest on their deposit but they will be able to watch Ireland’s progress with a keener interest, knowing they can benefit further should Ireland win ‘Gold’.

We continue to experience a strong appetite among savers to put money aside for the medium to long-term, demonstrated by the continued growth of the Bank of Ireland deposit book even during these turbulent economic times.  12-month fixed term continues to be the most popular term based product for consumers, accounting for c.50% of product sales.   We are seeing a positive trend towards savings habits in general, with the number of deposit accounts opened in 2011 growing by 90% on 2010. That trend continues this year with a 35% increase in deposit accounts opened since January, comparing year-on-year.    The Irish deposits market has grown by c. €550m in the first quarter of 2012 as a result of inflows and funds returning from overseas.   ELG covered banks have seen net inflows of €1.4bn in that time and volumes are at their highest level since May 2011

The arrival of ‘Gold’ to our savings suite follows the recent launch of our new online options and ‘CustomSaver’ Account, a new regular savings account that offers unique regular payment flexibility and lump sum lodgements, offering Ireland’s savers best-in-class products from a multi-channel provider,” he concluded.

Bank of Ireland offers six flexible formats of savings products that cater for any of the wide range of saving needs of customers – from instant access deposit accounts, to short-term notice accounts, to multi term options and equivalent online categories at www.365online.com.  The Bank also has dedicated savings and investment advisors available across a nationwide branch network and a ‘savings advice’ telephone line at 1890 365 254.

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