First Active has unveiled a combined mortgage and current account that the bank says will maximise the value of customers' current account to benefit their mortgage.
Any money in a current account will reduce the balance of the mortgage, reducing the costs of interest for that day.
First Active last week delivered a stronger-than-expected performance for 2002, reporting a 26 per cent rise in pre-tax profits to €66.1 million after exceptional gains.
It also announced plans to distribute €160 million in surplus capital to its shareholders in June.
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The former building society has reported continuing strong demand for its mortgage and savings products and progress in reducing its cost base during last year.