Bank of Scotland (Ireland) has launched its new business current account, 'Business Options'. The new offering comprises two products - an interest-bearing current account and an electronic overdraft facility.
Bank of Scotland (Ireland) says the initiative represents a very significant change in Irish banking and says it will reduce the cost of borrowing for businesses in Ireland.
The new business current account will pay an interest rate of up to 2.25% on credit balances while the bank is also offering an overdraft facility interest rate of 6.85%.
These products will be rolled out exclusively to BOSI customers from the end of this month and then to all customers from late May. The bank says they are the first of a number of products and services that it plans to introduce for its business customers.
'We believe this initiative will change the business market in the same radical way as we changed the Home Loan market some years ago,' BOSI's chief Executive, Mark Duffy, said.
