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AIB is planning to set up a standalone savings business based around the €5.2 billion domestic deposit book it took over from Anglo Irish Bank last week, The Sunday Times reports.

The division will trade under its own brand name and will pay better rates than savers could expect to get in AIB branches.

Deposits are a crucial component in any banks’ survival these days because they don’t have any other way of raising funds. AIB is maintaining all of Anglo’s savings products for all new and existing business, including its easy-access reward account, which pays 3.2% interest and its fixed-term reward account, which pays 3.5% fixed for 12 months.

The new business will not have the high costs associated with a branch network, allowing it to pay higher returns to its online customer base.

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