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Saturday, June 16, 2012
Katie Taylor looks set to deliver a knockout blow for Bank of Ireland savers, as Paddy Power reckons the boxer is going to win gold.
If an Irish athlete wins a gold medal at the Olympic games in London, savers in Bank of Ireland’s new Gold account will receive a 0.5% increase in interest rate payments.
Head of retail deposits in Bank of Ireland, Damian Young, said that the new account will allow customers to take part in the Games.
"We have launched this account in order to allow our customers partake in the excitement around the upcoming Games. Not only will customers be guaranteed a strong rate of interest on their deposit but they will be able to watch Ireland’s progress with a keener interest, knowing they can benefit further should Ireland win gold," he said.
It is understood that Bank of Ireland has not carried out any in-depth actuarial studies on the cost of an Irish gold, but they have made provisions to increase the interest rate if Ireland win gold.
Paddy Power have been calculating the chances of Ireland bringing gold medals back to Ireland and they believe Katie Taylor has an 80% shot at securing a gold medal.
"Katie Taylor is the best shot. She is 80% likely to win gold. She is the one savers will be banking on. The next best chance would be John Joe Nevin who is 16/1," said a spokesperson for Paddy Power.
Customers can open a Gold account up to June 29 and earn 3% EAR fixed for a 1-year fixed term earn an additional 0.5% interest rate if Ireland wins a gold medal.
The new account is available to any customer bringing new funds to Bank of Ireland Group. The minimum single lodgment to the account is €5,000. Maximum lodgment is €1m.
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