BoI introduces new credit interest on current accounts
Bank of Ireland today announced the introduction of credit interest at a new variable rate of 10.5% (10.92% EAR) on its current accounts.
Customers can avail of 10.5% credit interest from the October 15, which will apply to cleared credit balances up to a maximum of €1,500.
“The introduction of this market leading credit interest rate signals Bank of Ireland's commitment to deliver the best personal banking package for its customers,” said Bank of Ireland’s director of strategy & marketing Brendan Nevin.
“Importantly, we are the only bank to offer credit interest without requiring our customers to make minimum monthly lodgements. We allow all our customers to benefit no matter how their credit balances vary from month to month", he concluded.”
The institution’s customers will not be required to make a minimum monthly lodgement or maintain a minimum credit balance to qualify. The introductory rate is available to new and existing customers until the February 24, 2008 after which time it moves to a variable rate of 4.0% (4.06% EAR).
Existing Bank of Ireland customers can register for credit interest by contacting their branch or going online to www.bankofireland.ie. New customers can register for the feature when opening an account.
From the October 15, registered customers who conduct three debit transactions on 365 Phone and/or Online from their personal current account in a quarter, such as paying a bill or transferring money to another account, will automatically qualify for credit interest in that quarter.
