The British mortgage bank Northern Rock, which made an aggressive entrance into the Irish savings market in November, has secured £26 million (€33.01 million) in Irish deposits. It also announced plans to launch a business deposit account next month.

The bank offers "Direct Saver" depositors a 4 per cent interest rate gross per annum on demand accounts compared to the 0.1 per cent offered by most domestic players.

The annual rate payable is guaranteed to be at least 1 per cent above the European Central Bank rate (currently 3 per cent) until January next year.

Retail Direct Saver information packs may be obtained by phoning 1850 315 115.