Bank of Ireland has announced it will increase interest rates on a number of mortgage and deposit products. Bank of Ireland also announced an increase in deposit rates for savers. According to recent central bank figures, new mortgage rates in Ireland are the third lowest in the euro area after Malta and France. This follows a 2.5% increase in European Central Bank rates since July last year. The bank previously raised fixed rates for new mortgages in November.
Customers who already have mortgage credit approval and withdraw their mortgage by February 21 can continue to benefit from the earlier fixed rates.
The bank has announced a 0.75% increase in fixed rates for new mortgages effective today. It also announced a 0.5% increase in fixed rates available to existing mortgage customers. This includes variable rate customers who have finished their fixed rate term, mortgage, tracker rate or want to switch to a fixed rate.
Bank of Ireland today announced a 0.5% increase for "Regular Saver" personal deposit accounts, which will allow customers to earn 0.75% on their "Mortgage Saver", "Goal Saver" and "Child Saver" accounts, up to €15,000. The increase will be effective from Friday, January 27.
The bank also announced the launch of a new one-year term deposit account at 0.5% for individual customers up to €100,000.
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