Bank of Ireland has launched a new high interest account for offshore savers which offers a one-year fixed rate of 3.60 per cent gross, following on from the launch of a similar account last year to mark the bank’s anniversary.

The High Interest Return Account Offshore, which is available only in sterling, offers a rate of 2.85 per cent gross for six months or 2.70 per cent gross for three months, the interest all in cases being paid on maturity with no withdrawals being permitted before this. The minimum deposit is £25,000 (around $39,000) and the maximum is £1,000,000.

The bank has high hopes for the new savings account following the success of last year’s High Interest Anniversary Account, which offered a one-year fixed rate of 3.50 per cent.