AIB has launched a new 31 day Business Notice Deposit account in response to a need among their business customers.
The new desposit account is available to all business customers at a variable rate of 1.5% AER.
AIB said its new offering meets an important need of business customers who want a higher return with the flexibility to access funds by providing 31 days' notice to withdraw those funds.
The bank said research undertaken among business customers highlights that 90% have yet to open a deposit account that will give them a better return on their money. A key barrier identified was the need to access their cashflow and not lock money away for longer terms.
The research also found that 73% of businesses would consider depositing funds at one month's notice if there was a clear benefit.
AIB said its new 31 Day Business Notice savings product is available in 170 AIB branches around the country, with deposit specialists available to engage with customers, or where an existing customer has a relationship manager.
The product is available to both new and existing AIB customers.
"We have launched this product to provide increased optionality for our business customers to earn a return on their surplus cashflow," Geraldine Casey, Managing Director of Retail Banking at AIB said.
"This 31 Day Notice Deposit gives customers the option to earn a higher return on their funds, with a rate of 1.5% AER, but maintains flexibility to access funds with 31 days' notice which is key in an uncertain operating environment," she added.
