Ulster Bank has closed its 4.2 per cent deposit rate account after just six days due to overwhelming demand. The special offer instant access account, which provided the rate to customers placing £1,000 or more on deposit, was closed to new customers at the end of business on Monday. "The response took us by surprise and exceeded our expectations," an Ulster Bank spokesman said. Although the bank refused to reveal the amount of funds raised, it is believed to be over £60 million (€76.2 million).

"We did say it was for a limited period," said the spokesman. There will be no change in the 4.2 per cent rate for those who have already opened the special offer account with the bank.

At the introduction of the Ulster Bank special deposit account last week, the chief executive, Mr John McNally, was quoted as saying: "If we get a decent response, it [the account] won't be withdrawn."

Ulster Bank's special offer was made following Northern Rock's entrance into the Irish market with a demand deposit account offering a rate of 4 per cent. The British bank is still offering this product to Irish customers.