Fimbank plc has introduced an internet-based fixed term deposit under its Easisave brand as it plans a strategy to move retail deposit activity completely online.

Fimbank’s head of banking Armin Eckermann said yesterday the bank will be offering all its euro deposit products through Easisave in the future. The bank’s strategy is to eventually become 100 per cent web-based in terms of retail deposit activity.

Dr Eckermann emphasised Easisave’s fundamental features as an “easy to use, innovative, flexible and secure solution that will allow customers to earn more interest on their money, whether held in a savings account or fixed term deposit and with a guarantee of no deduction of transaction fees or bank charges.”

The product enables customers to open term deposits for fixed periods of between three months and three years, offering interest rates ranging from 2.7 per cent to 4.25 per cent per annum.

“Many savers recognise the fact that fixed term products can maximise their returns in this low interest rate environment,” Dr Eckermann explained.

“Even the smaller investor or depositor is able to benefit from higher interest rates. Fimbank has adopted a very low minimum deposit requirement where a personal or joint fixed term deposit account can be opened with just €1,000.”