Solicitors’ accounts should be exempt from increased negative interest rates, Law Society says

AIB this week announced it is raising negative interest rates on business accounts

The bank said it is “keeping its negative interest rate strategy under constant review and has insulated as many customers as possible from the cost of negative rates.” Picture:

The Law Society is calling for solicitors’s client accounts to be exempt from increased negative interest rates following an announcement from AIB that rates would increase from March.

The current rate of 0.5 per cent, levied on business accounts with €1 million or more, is to raise to 0.75 per cent, the bank said.

The European Central Bank (ECB) has been charging Irish banks negative interest rates on deposits to increase lending and spending since ...