RABOBANK is encouraging customers to focus on its better value, on demand accounts which offer higher interest rates. The bank is trying to compete with Irish banks offering higher interest rates on fixed-term deposit accounts which are trying to attrract customers as they beef up their balance.Rabobank is still offering customers fixed term accounts but it is competiting with Irish banks offering higher interest on deposits in a bid to win over customers as they beef up their balance she
It added that its strong credit rating and current market volatility were also factors in its decision.
In a statement Rabobank said: "Unlike other banks in Ireland, our primary business is in the on-demand space and we only have a relatively small amount of business in our term deposit book.
"Our prudent banking practices mean we offer sustainable rates to our customers who can rest assured their money is on deposit with one of the world's safest banks."