Finance: Anglo Irish accounts will 'shake up a tired market'

Mathew Little

Anglo Irish Bank has launched a range of accounts for registered charities, predicting that they will shake up a "tired and complacent market".

Three new products offer between 4.3 and 4.45 per cent interest, which the bank claims is up to 0.25 percentage points higher than any competitor.

According to the bank's own analysis, most published high street interest rates range from 0.2 per cent to 2.8 per cent. Alliance & Leicester has the best offer at 4 per cent.

"For too long, cash-strapped charities have been taken for granted by their banks," said Peter Fitzgerald, head of group retail funding at Anglo Irish. "We believe our initiative will shake up a complacent banking market for charity accounts. Banks in this sector feel there is no room to develop innovative products for their customers."

Fitzgerald said the products were aimed at smaller charities, but the accounts are open to all organisations registered with the Charity Commission.

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