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Bank of Ireland Northern Ireland’s market-leading online fixed-term deposit account extended to May 1st
15th April 2009
Bank of Ireland today announced that it will extend the date of its market-leading on-line fixed term deposit account offering a guaranteed 4.1% AER to Northern Ireland’s hard-pressed savers.
Bank of Ireland today announced that it will extend the date of its market-leading* on-line fixed term deposit account offering a guaranteed 4.1% AER** to Northern Ireland’s hard-pressed savers.
The fixed term deposit enables local savers to benefit from a significant return despite historically low official interest rates***.
Available only on-line, the offer has been extended for a limited period until May 1st 2009 due to high levels of customer interest.
Peter Bailie, Product Manager for Savings and Investments, Bank of Ireland,said: “People in Northern Ireland with money to save are finding it increasingly difficult to achieve a good return in the current interest rate climate. Bank of Ireland is determined to give them a better deal and for a limited time only we are offering a guaranteed fixed term rate of 4.1% gross per annum/AER which is currently the best rate available in the local market. Interest levels in the product among customers have been high so we are pleased to be able to extend this product until the beginning of May.”
The minimum deposit is £2,000 and the maximum is £2m. The offer is open to new or existing customers of Bank of Ireland resident in Northern Ireland who want to deposit funds not previously held with Bank of Ireland Group. Interest is paid at the end of the term. While the term is 12 months, as with all Bank of Ireland fixed-term deposits customers can access their money in exceptional circumstances subject to a charge.
The fixed rate deposit is the latest of Bank of Ireland Northern Ireland’s on-line savings and investment products which were launched in December 2007.
*Fixed rate accounts for up to one year with a minimum investment of £2000.
| Company | Account | Term | Interest | Notes |
| Bank of Ireland NI | eSavings Fixed Term Deposit | 1 Year | 4.1% | No other product holding required. Available to personal customers depositing additional funds to Bank of Ireland Group |
| ICICI Bank UK | HiSAVE Fixed Rate Account | 1 Year | 3.9% | No early access or closure permitted |
| Chelsea Building Society | Short Term Winter Fixed Rate Bond (3rd Issue | 02/10/2009 | 3.78% | During the fixed rate period, all withdrawals are subject to a penalty equivalent to 90 days' loss of interest on the amount withdrawn. |
| State Bank of India | SBI Hi Return Fixed Deposit | 1 Year | 3.75% | No withdrawals are allowed, however, early closure is permitted with a penalty on the depositor, such that they forego 1/4th of interest payable (as on the contracted date), for the period the deposit has actually run. |
| Bank of Cyprus | Bank of Cyprus UK Bond (48th Issue | 1 Year | 3.7% | Withdrawals are not permitted during the term |
Source: moneysupermarket.com 3rd March 2009
** The Gross Interest Rate represents the fixed rate payable before the deduction of income tax at the prevailing rate. AER stands for Annual Equivalent Rate and illustrates what the interest would be if paid and compounded each year. All savings products quote an AER which enables consumers to more easily compare what return they can expect.
*** The Bank of England’s Base Rate was cut to 0.5 % on 5th March 2009.
ends
© Bank of Ireland 2012
