In Short

A round-up of today's other stories in brief

ATM card not part of B of I teen account

Bank of Ireland has decided not to include an ATM card on a new savings account aimed at 13- to 17-year-olds as a result of feedback from parents.

Research by the bank found that parents wanted their children to be able to put money aside without the temptation of using an ATM card to dip into their savings.

Bank of Ireland's new Teen SmartSave account has a variable interest rate of 3 per cent payable on balances of up to €1,500. It also offers teenagers who save regularly a bonus of €5 after five months.

Catherine Moynihan, savings and investment marketing manager, Bank of Ireland, said the bank believed its account would help create a strong savings habit among teenagers.

Research conducted by Mori Ireland on behalf of the bank shows that 93 per cent of 12-14 year-olds receive money from their parents, while over half of those aged 15 or older have a part-time job.

ACC launches global equity fund

ACC Bank has launched a new global commercial property investment in conjunction with investment management firm Sarasin Chiswell.

The Sarasin real estate equity fund invests in listed property companies, listed closed-end property funds and real estate investment trusts (REITS) and targets long-term capital growth.

Just over a third of the fund is invested in the US market, with the rest spread between the UK, Japan, continental Europe, Hong Kong, Singapore, Australia, New Zealand and Canada.

The fund has a minimum investment of €50,000. There is no set investment term, but ACC said it should be viewed as a medium- to long-term investment. It said the charges were less than fees for physical property investments.