The new product is at least 12 months away, yet Duffy is setting out his stall. If he reckons paying interest on current accounts is going to win over thousands of customers, why "ag it to the competition so far in advance? Unless he doesn't expect the other banks to be able to match him.

The notion of paying a "meaningful" rate is also noteworthy. Duffy will be hoping the ECB continues to increase rates; otherwise his new rate won't be that impressive, even if it is close to the eurozone benchmark.