Leading Irish lender Bank of Ireland is to launch a saver account offering a 6% interest rate for regular savers, it has been reported.
The new special bonus saver account comes in response to the significant number of matured SSIA holders who are continuing their savings habit with the bank.
The savings account must be credited with a minimum monthly saving amount of E20, and a maximum of E1,000. For joint accounts, these amounts will be doubled. Unrestricted payment holidays are also permitted and there are no penalties for withdrawing money.
The Irish bank has committed to the new rate for the next 18 months from the date the account is activated. However, the rate will increase in line with anticipated European Central Bank rate rises.
The account is offered to everyone, with no obligation to open a current account to link with the deposit account.
The new account will compete against other banks offering similar interest rates, including the Bank of Scotland, which offers a rate of 6.2%, and the Anglo Irish Bank, which offers a 6.34% rate.