AIB launches new deposit account for business customers

AIB has introduced a 31-Day Business Notice Deposit, now available to all business customers at a variable rate of 1.5% AER (Annual Equivalent Rate). This new offering addresses a key need for businesses looking for a higher return, while still offering flexibility, as funds can be accessed with 31 days' notice.

A strong interest in short-term notice deposit accounts

Research undertaken by AIB in early 2024 among business customers highlights that 90% have yet to open a deposit account that will give them a better return on their money. An important barrier identified was the need to access their cashflow and not lock money away for longer terms. However, 73% of businesses would consider depositing funds at one month’s notice if there was a clear benefit, showing interest among business customers for a 31 Day notice offering. 

The new 31 Day Business Notice savings product is available in 170 AIB branches around Ireland, 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. With no minimum or maximum balances for this account, customers can add funds as many times as they wish.

In a comment, officials from AIB said they have launched this product to provide increased optionality for their business customers to earn a return on their surplus cashflow. 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. They encourage customers to review their full range of demand and fixed term offerings.

Additional AIB deposit products

In addition to the new 31 Day Business Notice account, AIB also offers the following deposit products and returns for business customers:

• Demand Deposit Account (0.25% AER);

• Business Fixed Term Deposit Account, with three available terms;

• 6 Month Term (1.50% AER / 0.75% gross return at maturity);

• 1 Year Term (2.50% AER / 2.50% gross return at maturity;

• 2 Year Term (3.02% AER / 6.09% gross return at maturity).