Farmer-focused deposit account to allow greater access to savings

BANK of Ireland has launched a new farmer-focused deposit account which would allow them access to their savings once every three months.

The idea behind the Four Seasons savings plan is for farmers to build gradually towards leaving their money in for 12 months.

In the early seasons, they will be paid a lower rate, gradually rising to a reasonably competitive 4% per annum interest rate. Most of the bank’s competitors offer a higher rate on savings, but with less access.

The bank’s head of agriculture, Sean Farrell, said: “Four Seasons is the only deposit product in the Irish market designed exclusively for the farming and agri-business sector. It is ideal for farmers who recently received the first of their single farm payments and may be looking to save a portion of their money but want to have access to it.

“Most deposit providers offer higher interest rates with restricted access or access with a lower interest rate.

“The Four Seasons deposit account offers competitive fixed interest rates, but it also gives farmers the flexibility to access their funds when they need it. These features make it an ideal account for those with farm income.”

Importantly, as a demand account, it allows farmers to lodge and withdraw from the account up to four times during the year.

Interest is paid quarterly so customers can earn interest on their interest.

The account offers a combination of fixed quarterly interest rate increases.

It allows for four lodgements and four withdrawals at any stage over the year.

The minimum account operating balance is €10,000 and maximum account operating balance is €100,000.