EBS Building Society has introduced a savings product which pays a 3 per cent bonus if there are no transactions on the account over a 12-month period.

Investors in EBS Invest Direct, the first account of its type in Ireland, will earn the same rate of interest as offered from the EBS demand account if they withdraw money. However, they stand to qualify for the 3 per cent fixed bonus if no withdrawals are made for 12 months. Sums from £3,000 to £500,000 may be invested in the account. The minimum withdrawal is £1,000.

The lower administration costs on the account allow EBS to pay higher interest rates, the society says.