A DUBLIN broker has launched a website, IrishDeposits.ie, which compares bank deposit rates on lump-sum amounts, and has arranged commission deals on new deposits with five banks.
FinanceOne provides a table of the best lump-sum deposit rates for customers on its website and brokers deals with banks, but doesn't handle client money or charge people for its service.
It says on its website that it is "remunerated by the banks for the establishment of accounts where they hold a letter of appointment".
The broker says it has "letters of appointment" with Bank of Scotland (Ireland), Permanent TSB and Investec. It also has deals with Anglo Irish Bank and Ulster Bank. It has arranged commissions of 0.05-0.1 per cent on most deposits and up to 0.25 per cent on some.
As wholesale funding costs remain high, banks are pushing strongly for lump-sum deposits and regular savings in a bid to tie lending more closely to deposits.
Harry Slowey, a director and co-owner of FinanceOne, said it would launch IrishSavings.ie shortly, a similar service comparing rates on regular savings.
