Europe's largest online bank today vowed to revolutionise Irish banking with a new Internet service offering one of the highest interest rates around.
RaboDirect.ie, a branch of Dutch financial giant Rabobank, says it will offer a no-fee, no-charge deposit account with interest rates almost 10 times the standard.
The online bank offers customers a deposit account with a high 3 per cent variable interest rate and would-be investors can enter the managed funds investment market from as little as €100.
Greg McAweeney, RaboDirect general manager, said the online service, which goes live today, would change the landscape of Irish banking by offering a transparent, uncomplicated and accessible service.
"We think it is going to revolutionise the banking landscape in Ireland. There is a clear gap between the financial products and services available and what people want," he said.
"As a virtual bank without the overheads of more traditional bricks and mortar banks we have many distinct advantages which underpin our ability to consistently offer a higher rate without penalties, fees or charges."
The bank hopes to capture around 10,000 new customers in Ireland by December of this year.
After more than 10 years of European Internet banking, Rabobank has 1.9 million customers in The Netherlands and 36,000 people with combined savings of more than €900 million in Belgium.