Bank of Ireland announces the introduction of Credit Interest on Personal Current Account Balances

Introductory interest rate of 10.5% (10.92% EAR) on offer to new and existing personal current account customers

Bank of Ireland today (Monday, 1st October 2007) announced that it is to further enhance its current account offering for personal banking customers with the introduction of credit interest at a market-leading variable rate of 10.5% (10.92% EAR). Customers can avail of 10.5% credit interest from the 15th of October 2007 which will apply to cleared credit balances up to a maximum of €1,500. Bank of Ireland 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 24th of February 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 15th of October 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.

Commenting on the announcement, Brendan Nevin, Director of Strategy & Marketing, Bank of Ireland, said: "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. 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.

ENDS 1st October 2007