Bank of Ireland Boosts Savings

Bank of Ireland, one of Ireland's leading financial institutions, is set to increase its savings and deposit rates, offering new and existing customers enhanced returns on their investments. This move comes as a response to the recent criticism faced by Irish banks for not passing on the benefits of higher interest rates to savers.

Bank of Ireland Boosts Savings & Deposit Rates in Response to Customer Demands

Effective from 8th September, Bank of Ireland's increased rates will automatically apply to both new and existing customers. With the European Central Bank's main lending rate nowstanding at 4.25%, the highest level since 2001, it's refreshing to see Bank of Ireland taking proactive measures to provide more competitive interest rates to its clientele.

It is no secret that Irish banks have been slow in translating the impact of the ECB's interest rate increases into deposit rates. However, Bank of Ireland is committed to changing this narrative by offering higher interest rates that better benefit its customers. These new rates will provide a boost to those looking for reliable savings options, ensuring their hard-earned money works harder for them.

Let's delve into the specifics of Bank of Ireland's rate changes across their various accounts:

SuperSaver Accounts:

Offering a substantial increase, Bank of Ireland will now provide an interest rate of 3% for the initial 12-month period on SuperSaver accounts, up from the previous rate of 2%. Following this period, a favorable rate of 2% (previously 1%) will apply to balances up to €30,000.

MortgageSaver Accounts:

Customers with MortgageSaver accounts will also benefit from higher interest rates. The rate on balances up to €15,000 is set to increase to 2% (previously 1%), while a competitive rate of 0.50% (previously 0.01%) will apply to balances exceeding €15,000.

Regular Saver Accounts:

Bank of Ireland aims to reward its customers by raising the interest rates on Regular Saver accounts. Balances up to €12,000 will now earn an interest rate of 2% (previously 1%), and those exceeding this amount will receive a rate of 0.50% (previously 0.01%).

Demand Deposits:

A remarkable improvement can be seen in the interest rates on Demand Deposits. Previously at 0%, the interest rate now stands at 0.10%, providing added incentive for customers to save.

31-Day Notice Accounts:

Bank of Ireland acknowledges the importance of these accounts by increasing the interest rate from 0.5% to 1%. This favorable change will benefit customers who opt for a 31-day notice period for their deposits.

Additionally, Bank of Ireland has introduced a unique feature called "10% Access" to its Term Deposit accounts. This feature allows customers to access up to 10% of their initial balance on 6-month, 1-year, and 2-year Term Deposits. Both personal and business customers can enjoy this feature with an interest rate of 1.5% applied to the 6-month Term Deposit and rates of 2% offered on 1 and 2-year Term Deposits.

In conclusion, Bank of Ireland is proactively addressing the concerns expressed regarding higher interest rates not being passed back to savers. By implementing increased deposit rates, Bank of Ireland ensures that customers benefit from these improvements. With a wide range of account options and higher interest rates, Bank of Ireland is taking significant steps to enhance the financial well-being of its customers.