Bank of Ireland introduces online current accounts

26 Aug 2003

Bank of Ireland’s Business Banking division has introduced a new Business Electronic Current Account, which will pay up to 0.75pc interest on credit balances. The new electronic account works just like a normal current account for electronic transactions, with a bonus of interest on credit balances.

According to the bank, interest is calculated on a daily basis with no minimum amount or minimum period of credit required to attract interest.

Accessible through the bank’s Business On Line service, the new product allows firms to access their accounts and carry out domestic and international transactions anywhere and at any time. The new account can be accessed alongside existing business bank accounts.

Interest on a typical account will exceed €200 per annum, said Tom Comerford, director of business banking. “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.”

The electronic current account, Comerford explained, would be set up to allow firms to see real-time balances as well as transfer money between accounts, pay employees and suppliers and customise statements.

“There are two different service levels tailored to meet the varying requirements of the sole trader, SMEs and corporate customers,” he said.

It is understood that for the first six months the bank is offering free on-site training at various business premises to help firms switch from traditional business banking to online business banking.

By John Kennedy