Bank of Ireland delivers new suite of competitive savings options for customers
-customised savings and new online options from the home of 1m savers
Bank of Ireland announces the launch of a new suite of savings products that allows customers to save in more ways than any competitor. These are available through a range of channels, including new online access where accounts can be opened in minutes. Consumer behaviour continues to demonstrate saving over spending, with 1,500 more savings accounts opened to date in 2012 than over the same period in 2011. Research has shown that individual customers not only wish to save money at a variety of intervals but also want flexibility, access and channel choice.
The new online '365 Regular Saver Account' is already attracting 43% of all new regular savers to the Bank. It offers rates up to 3.5% AER, can be opened in a matter of minutes and is readily available to the 500,000 registered online banking users of www.365online.com. Over 2,000 accounts have already been opened, with an average savings amount of €350 per month.
This online suite is complemented with the arrival of 'CustomSaver', a new regular savings account that offers unique payment flexibility, lump sum lodgements and a competitive variable interest rate of 3% AER for up to €12,000 in regular savings. This new account enables customers to save more and more often than competitors and is available at branches nationwide.
Commenting on the launch of the new savings suite, Damian Young, Head of Retail Deposits, said: "We are home to over 1 million regular savers and the biggest repository for Ireland's regular savers. Although the economic climate has seen incomes stagnate this has resulted in an upturn in people saving for potential loss of income and a move to build nest-eggs rather than spend. Our average regular saver, for example, now saves €350 per month and we've experienced a 10% increase in the number of regular savers with 3300 accounts opened each month. The number of accounts opened grew by 90% on 2010 and in this year that trend continues with a 35% increase in deposit accounts opened, comparing year-on-year.
Recent statistics* show that three out of four of the population are saving and that those saving regularly has risen between 2011 and 2012 from 40% to 48%. With around €151bn** in total deposits in ELG covered banks in Ireland our new suite of savings products are intended to position us top of customers minds when choosing a home for the growing saving needs of Irish consumers", he concluded.
NEW ACCOUNTS:
365 Monthly Saver
3.25% AER; Min €100 / max €500 per month
365 30-Day Notice Account
2.5% AER; Min €10,000 / Max €1m
365 12-Month Fixed Term Account
CustomSaver
3.0% AER – up to €12k
Min €20 / Max €1500 per month
Save monthly or fortnightly and change savings amount as often as you wish
Make additional lump sum lodgements any time
*Mintel
** Dept Finance