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: Rollingnews.ie
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...
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