Bank of Ireland said today it will increase interest rates for a number of mortgage and deposit products.
Please review their details and accept them to load the content. Bank of Ireland today also announced a 0.5% increase for "Regular Saver" personal deposit accounts, which will allow customers earn 0.75% on their "Mortgage Saver", "Goal Saver" and "Child Save" accounts, capped at up to €15,000. Bank of Ireland said today it will increase interest rates for a number of mortgage and deposit products.
Variable rates are unchanged, and tracker rates move in line with the European Central Bank rate. The bank last increased its fixed rates in November when they ...
The lender pushed up its fixed rates by an average of 0.51 percentage points in response to four rate rises by the European Central Bank (ECB). Bank of Ireland, which is led by Myles O’Grady, said it was increasing rates after the cumulative increases of 2.5 percentage points in European Central Bank rates since July 2022. Broker Michael Dowling said the increase of 0.75pc was not unexpected, and brings Bank of Ireland’s rates in line with their competitors. The bank last increased its fixed rates in November when they went up by 0.25 percentage points. It comes after big shareholders in Bank of Ireland have begun questioning the bank’s “uneconomic” mortgage pricing after all its main rivals put up rates in the last two months. For existing customers of the bank coming to the end of a fixed rate, the rise is 0.5 percentage points.
The banks's fixed interest rates will increase by 0.75% for all new mortgage loan drawdowns.
More than 5,000 readers have already pitched in to keep free access to The Journal. For the price of one cup of coffee each week you can help keep paywalls away. Readers like you keep news free for everyone.
The bank has also launched a new one-year term deposit account for personal customers.
The bank is also launching a new one-year term deposit account for personal customers paying interest of 0.5 per cent, capped at €100,000. Its three-year and five-year fixed loans for this group are now 4 per cent, up from 3.25 per cent. Slightly lower rates across its range of fixed-rate loans are available to Bank of Ireland customers eligible for a “green mortgage” discount.
Bank of Ireland is increasing interest rates for a number of mortgage and deposit products. Rates will increase by 0.75% for fixed rates on new mortgages.
Bank of Ireland is also increasing interest rates on some of its deposit account products. It is adding a 0.5% increase for Regular Saver personal deposit accounts. In an update today, Bank of Ireland said variable rates and tracker rates remain unchanged.
The bank is applying a 0.75 percentage point rise across its range of fixed-rate loans offered to new borrowers.
The bank is also launching a new one-year term deposit account for personal customers paying interest of 0.5 per cent, capped at €100,000. On deposit accounts, the interest paid on its regular saver, goal saver and child saver personal accounts will rise from 0.25 per cent to 0.75 per cent, capped at up to €15,000. Bank of Ireland said the increases follow a cumulative hike of 2.5 percentage points in the European Central Bank (ECB) key lending rate since July 2022 as the ECB tightens its monetary policy in response to soaring inflation across the euro zone.
Lender had previously increased its fixed rates for new mortgages last November.
This category includes customers who are coming to the end ... Bank of Ireland fixed mortgage rates are to rise by 0.75 percentage points, effective immediately, in the second interest hike implemented by the lender in the last three months. The bank this morning announced that new mortgage rates would increase by 0.75 per cent, while existing customers coming to the end of their fixed rate period will see their rates rise by 0.5 percentage points.