Business Savings Account

RaboDirect, part of the Rabobank Group and Ireland's only AAA rated bank, today entered the business savings market with the launch of its first ever Business Savings Account. This instant access account offers the same 4.0%* AER rate of interest to all business customers regardless of size or deposit amount and is available to sole traders, partnerships, solicitors and limited companies alike.

As with all RaboDirect savings products, no minimum terms or deposits apply and there are no complicated rate structures that lack transparency. The account is not subject to bank charges, interest is calculated daily and there are no penalties or time delays for early withdrawals.

RaboDirect.ie championed the introduction of competitive savings when it launched in Ireland in 2005 offering new levels of transparency, consistently high rates and security. The bank plans to inject fresh competition into the SME market where banks have been profiting from inertia and SME's need to have easy access to savings.

According to Greg McAweeney, General Manager at RaboDirect, "We offer customers simple, uncomplicated and accessible products with no requirement for minimum or maximum balance amounts. It's about time there was more equality and transparency for SME's in how they manage their banking relationships. The RaboDirect Business Savings Account offers a competitive alternative to businesses that normally rely on a current account or low interest savings account to ensure easy access to their money. Furthermore, our customers gain peace of mind knowing that their savings benefit from market leading rates and security with Ireland's only AAA-rated bank."
RaboDirect has applied the same high levels of online banking security to Business Savings that its personal retail customers enjoy. The online bank remains the only bank in Ireland to offer its customers a unique "No-Fraud Online Banking Guarantee".

In addition to its demand Business Savings Account, RaboDirect will also cater for those businesses seeking to place their money on term deposit with a specific savings goal in sight. With a minimum deposit amount of just €500 and no limit on the maximum deposit sum, the term deposit account offers competitive rates and flexible, clear cut options to suit a variety of business savings needs.

Business customers can also avail of the free Rabo Money Mover service, saving time and money while allowing them to deposit regular or once off payments into their Business Savings Account from an external Irish account at the touch of a button.

As an online bank, RaboDirect facilitates businesses to manage their savings at any time during the day or night, seven days a week with no need to visit a traditional branch. Whilst all transactions are conducted online, Business customers can avail of RaboDirect's Customer Contact Centre to handle queries from Monday to Friday.

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