AIB to exempt all non-profits from negative interest charges

The bank is broadening the range of eligible bodies ahead of imposing the rate on personal customers with balances of more than €1 million

AIB has had a policy of exempting large charities with bank balances of over €1 million which collect donations from the public, but this excluded not-for-profit organisations such as social enterprises. Picture:

AIB has decided to drop negative interest rate charges for large non-profit bodies and to issue refunds to a small number of them.

The bank charges a negative interest rate of minus 0.5 per cent on business accounts with a balance of more than €1 million. This is to reflect the same 0.5 per cent negative interest charge it pays for saving excess funds – beyond what is required for financial stability – with the ...