(20 Oct 2009)
Halifax has launched a 2 year fixed rate saving account offering a highly competitive rate of 7.00% gross (3.44% AER) and an 18 month fixed rate savings account offering a great rate of 4.50% gross (2.97% AER). These rates are guaranteed for the life of the term.
Customers can save between €2,500 and €1 million and there are no arrangement or set up fees. Both products are available now and offer real value to those customers looking to put some money away for a fixed period.
Term Gross Rate AER Balance at end of term
2 year 7.00% 3.44% €10,700
18 month 4.50% 2.97% €10,450
Based on an initial investment of €10,000. Interest is subject to DIRT and the balance figures are gross of DIRT.
According to the latest available figures from the Central Bank1 (August 2009), there is now over €8.9bn in the one-to-two year Irish resident deposits market – having increased by over €3bn since August 2008. Further research from Halifax2 shows that of those consumers who hold a savings/deposit account, 1 in 5 (21%) are opting for fixed term accounts that offer a guaranteed return on investment.
Commenting, Joe Byrne, Branch Manager in Nutgrove said: “Both the Central Bank data and our own research shows that there is a definite appetite for fixed savings products among consumers, particularly in the one-to-two year bracket.
“With ECB interest rates at a historic low, fixed rate accounts offer real long term value and guaranteed returns. For savers who are coming out of a fixed term and looking for a good rate or for those who want to put some money away for a rainy day – the Halifax
2 year and 18 month fixed products are the ideal option.”