Rabobank launches net banking service

RABOBANK has announced plans to take on the country's banks, but stopped short of a full price war by only offering savings and investment products.

The Dutch bank, the owners of ACC, yesterday launched its internet banking service RaboDirect in Ireland, offering deposit accounts and managed funds.

Rabobank said its deposit account is offering the highest variable interest rate in the country at 3%, about 10 times greater than what is being paid out on ordinary current accounts.