Bank of Ireland are cutting their Demand Deposit product rate to 0.00% AER variable from 20 March 2017.
BoI, PTSB, AIB, Ulster Bank all currently pay 0.01% AER variable on their basic demand accounts.
BoI join Rabo (some term deposits), Investec (a notice account) and Ulster Bank (a legacy savings product) by having a rate of zero.
Bar a small number of exceptions, zero has remained the floor for consumer deposit rates in Europe.
Corporate deposit rates are now frequently negative. BoI have a negative rate of -0.10% AER variable on large deposits with one of the corporate deposit demand.
More from Charlie Weston in the Indo here. The press notice with the change is not yet on the BoI website.
BoI, PTSB, AIB, Ulster Bank all currently pay 0.01% AER variable on their basic demand accounts.
BoI join Rabo (some term deposits), Investec (a notice account) and Ulster Bank (a legacy savings product) by having a rate of zero.
Bar a small number of exceptions, zero has remained the floor for consumer deposit rates in Europe.
Corporate deposit rates are now frequently negative. BoI have a negative rate of -0.10% AER variable on large deposits with one of the corporate deposit demand.
More from Charlie Weston in the Indo here. The press notice with the change is not yet on the BoI website.
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