ANGLO IRISH Bank has upped the ante in the highly competitive market for lump-sum savings by introducing a one-year fixed term rate of 6 per cent to depositors.
Permanent TSB had offered the best rate for lump-sum savings with an annual equivalent rate (AER) of 5.89 per cent for fixed-term deposits over 20 months on a lodgement of at least €10,000.
Halifax, EBS Building Society and Irish Nationwide Building Society offer 5.6 per cent for lump sums, though the minimum deposit with Halifax is €2,500 compared with €20,000 at the two building societies.
Anglo Irish Bank will permit depositors to invest a minimum of €1,000 in its new account, which will be available from Monday, and will allow access to 10 per cent of their savings without penalty.
The €84 billion Irish deposit market has become fiercely competitive as institutions seek alternative sources of funding to the expensive wholesale markets where rates have spiralled.
Derek Keogh, head of personal savings at Anglo Irish Bank in Ireland, said: "There are billions of savings out there earning little or no interest."
