Bank of Ireland has returned to profitability from its financial crisis legacy to offer a nearly double the current best-buy rate for its existing customers.

A core component of the lending process is switching between two banks, reducing the scope for customers to switch between them.

Customers who have changed bank since 2016 had moved their money between five banks until now.

NS&I is the first of the top providers to see its customers move in.

The lender also announced that it will claw back the £6.5m-denominated guaranteed debt issued by High Street Lloyds, as well as selling its Stokesley branch.

“Many customers have already made informed choices to move after the past two years, so while not all will benefit from this early positive change, there will be those who will benefit from it,” Mr Munster said.

Watch NS&I’s explainer on bank funding in the video above and continue to refresh the page with NS&I products and find your details.

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