Bankinter has announced a temporary increase to its six-month fixed-term deposit rate and a significant increase in its maximum lodgement limit.
From June 4 until July 14, Bankinter said its six-month fixed-term deposit rate will increase from 2.6% (2.62% AER) to 2.7% (2.72% AER) for a limited six-week period.
The Spanish lender – which also owns Avant Money – said this will offer Irish savers the best fixed-term savings rates available in the market.
Bankinter is also increasing the maximum lodgement limit on its deposit products from €200,000 to €2m, which it said reflected growing customer demand and will provide greater flexibility for higher-value savers.
The bank recently announced that it has surpassed €5 billion in lending in Ireland across its mortgage, personal loan and credit card businesses.
It said the changes announced today follow the launch of its deposit products in Ireland earlier this year and come as households here continue to hold significant levels of savings in low-interest accounts.
Recent Central Bank figures show that Irish households hold approximately €170 billion in bank accounts, with the majority remaining in current accounts earning little or no interest.
Ciarán Byrne, head of everyday banking at Bankinter Ireland, said the bank was seeing strong demand for its deposit offering since launch, reflecting a growing awareness among Irish savers that their money should be working harder for them.
“However, despite increased competition in the market, many customers continue to hold significant savings in accounts earning little or no return,” Mr Byrne said.
“These latest enhancements are designed to give customers more choice, greater flexibility and competitive returns, whether they are looking to invest a lump sum from €2,000 or place larger balances with a trusted banking partner,” he added.