Bank of Ireland : to raise interest rates for mortgage and deposit products

Bank of Ireland to raise interest rates for mortgage and deposit products

• Launch of new 1 Year Term deposit account for personal customers

Tuesday 24 January 2023: Bank of Ireland is increasing interest rates for a number of mortgage and deposit products. This follows cumulative increases of 2.5% in European Central Bank rates since July 2022:

Mortgages:

• 0.75% increase for fixed rates on new mortgages
• 0.50% increase for the fixed rates available to existing mortgage customers; this includes customers who are coming to the end of their fixed rate period and are seeking to re-fix their mortgage, and tracker rate or variable rate customers who wish to move to a fixed rate

Variable rates and tracker rates remain unchanged. Applicants who already have a credit approval and who draw down the mortgage by 21st February 2023, can still avail of the previous fixed rates.

Deposits:

• 0.50% increase for Regular Saver personal deposit accounts, allowing customers to earn 0.75% on Mortgage Saver, Goal Saver and Child Save accounts_,_ capped at up to €15k
• The Bank is launching a new 1 Year Term deposit account for personal customers at 0.50%; capped at €100k

The fixed rates on new mortgages are effective from today, while deposit rate changes will take effect this Friday (January 27).