Tuesday, January 24, 2023

Bank of Ireland has increased its interest rates on fixed-rate mortgages.

The bank is applying a 0.75 percentage point rise across its range of fixed-rate loans offered to new borrowers, while the fixed rates available to existing mortgage customers are now half a percentage point higher.

Variable and tracker mortgage rates remain unchanged.

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.

It is Bank of Ireland’s second interest-rate hike in recent months. In November, it added a 0.25 percentage point increase to its fixed-rate products.

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. 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.

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