New Regular Saver 10% Interest – Parents only

AIB today launched a savings product called the Parent Saver Plan,

It is two accounts that run side by side – and are for parents with children under 18.
The Parent Saver Account is a regular monthly savings account and has an interest rate of 10.00% A.E.R. variable
The maximum deposit is just €200 per month . This rate is only for 12 months – after that the balance in this account is automatically transferred to a Parent Deposit Account. with a rate of 3.00% A.E.R. variable.
Unpenalised access to funds in both accounts at any time.

The rate of 10.00% on the Parent Saver Account is a variable interest rate and promises to remain at ECB + 6% until 20th May 2009. Thereafter it will match ECB + 4% until 2010.

The regular saver account is the highest interest rate of any regular saver in Ireland – but the low limits on deposits may put people off.
If you put the maximum 200 euro a month into the account you will earn 102.48 after Tax in a year.