As the interest rate charged is 0.25% higher than the standard variable, that’s an extra €250.00 annually for each €100K owed.
I looked at this before and reckoned I would need a constant balance of over €4K for each €100K owed to break even. Not a chance for your average mortgage holder.
There was also a maximum amount mentioned in the small print that can be offset, so even if you have a large amount at your disposal for many years, you won’t be entitled to the offset benefit of it.