Bank of Ireland's new Electronic Business Current Account pays interest on credit balances

Bank of Ireland Business Banking, today (Monday, 25 August 2003) launched a new Business Electronic Current Account paying up to 0.75% interest on credit balances.

The new electronic account works exactly like a normal current account for electronic transactions, with the bonus of interest on credit balances. Interest is calculated on a daily basis with no minimum amount or minimum period in credit required to attract interest - making it the most comprehensive and flexible interest bearing current account in the Irish market.

The new account offers the full range of current account services, through Bank of Ireland's award winning Internet banking service, Business On Line. It allows customers to access their accounts and carry out domestic and international transactions whenever and wherever they wish. The new account can sit alongside existing accounts thus enabling customers to convert to electronic business banking at a pace that suits them.

Interest on a typical account will exceed Eur200 per annum. Electronic banking is also low cost and time efficient - generating further savings.

Tom Comerford, Director of Business Banking, commented, "This new electronic current account, combined with our extensive branch service proposition, gives Bank of Ireland business customers a superior range of options and the ability to manage their affairs more cost effectively. Business On Line is an award winning service and provides a level of convenience and service unmatched by competitors. We currently have almost 60,000 registered users of Business On Line and, as this increases, we will continue to share the benefits with our customers."

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Business On Line is Ireland's first and most comprehensive Internet banking service for business customers. Customers can access their accounts anytime, anywhere and view real-time balances/transactions, transfer money between accounts, pay employees and suppliers (domestic and abroad), customise statements and a range of other services. This gives customers added convenience, saves them time and provides them with more control over their financial affairs. There are two different service levels tailored to meet the varying requirements of the sole trader, SMEs and corporate customers. Other customers who sign up to Business On Line can also avail of this new account.

Bank of Ireland also offers new Business On Line customers an introductory six months free online banking and training at their own premises to enable them to efficiently switch from traditional to online banking.

25 August 2003

Ends

For reference:

Tom Comerford
Director, Business Banking
Bank of Ireland Group
Tel: +353 1 665 3434

Mary Brennan
Group Corporate Communications
Bank of Ireland Group
Tel: +353 1 6043838