BOSI plan ‘could badly hit top banks’

BANK of Scotland’s new interest bearing and low interest rate current accounts could cause mayhem for AIB and Bank of Ireland, according to financial analyst Eddie Hobbs.

Mr Hobbs believes Bank of Scotland, Ireland (BOSI) has pitched its new products perfectly to cherry-pick the most profitable elements of business banking while leaving the main banks with messy and high costs processes, like cash lodgments and coin distribution.

"For the first time in 10 years I have genuine sympathy for AIB and Bank of Ireland. Just imagine the school bully, who's been boss for years, suddenly finding himself up against a black belt it's no contest," said Mr Hobbs, finance spokesman for the Consumer Association.