Bank of Ireland cuts interest rates on savings accounts
Bank of Ireland
is reducing the interest rate on its 12 and 18-month fixed-term deposits by 0.25 per cent.
It will take the interest earned for the bank's advantage 12 month fixed term account to 1.74 per cent (annual equivalent rate of 1.75 per cent), while the interest on the advantage 18 month fixed term account will be 3.36 per cent (annual equivalent rate of 2.24 per cent).
The changes will take effect on Thursday, but customers who are in the process of opening new 12- or 18-month fixed-term deposit accounts can still avail of the current rates if they open their account by the close of business on Wednesday.
There are no changes to the bank's other savings accounts, including SuperSaver, which is its most popular choice for new regular savings, and which continues to offer a 3 per cent annualised rate for 12 months.
READ MORE
Existing fixed-term deposit account customers will continue to earn interest at their original rate until the end of their term.
Up to 25 per cent of funds can be accessed during the term of an advantage fixed-term deposit account.
Bank of Ireland pointed out the European Central Bank has lowered interest rates by a cumulative 1.75 per cent in recent months.
Bank of Ireland has, over the same period, reduced its 12 and 18-month term deposit rates by a total of 0.75 per cent, including the changes announced on Tuesday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
15 minutes ago
- Irish Times
Contemporary A-rated five-bed on Brighton Road in Foxrock for €3.25m
Address : Woodland, Avalon, Brighton Road, Foxrock, Dublin 18 Price : €3,250,000 Agent : Sherry FitzGerald View this property on Tucked discreetly behind electric gates on Foxrock 's Brighton Road, Woodland is a fine example of contemporary architecture. It's a light-filled home softened by its sylvan setting, catering to the demands of modern family life. Accessed through the Avalon residential estate, it was constructed to the rear of one of the larger homes on Brighton Road in about 2018, and first came to the market in 2019 when it was seeking €2.45 million. It is listed as having achieved €2,298,364 on the Property Price Register, which would have excluded VAT paid at the time. Designed by William Moore of Moore & Joyce in collaboration with Bright Design Architects, who oversaw the build of this five-bedroom detached house, it offers a substantial 324sq m (3,487sq ft) of bright living space, with well laid out interiors. Its generous reception rooms and kitchen indicate that it is a home designed with entertaining in mind. The fittings are high end, from solid limed-oak flooring laid as herringbone parquet in the reception rooms and solid granite paving surrounding the property, to the Fioranese Italian stone flooring in the kitchen and its Siemens, Liebherr and Miele appliances. READ MORE The double-fronted monochrome facade is simple, framed by mature hornbeam trees and a cobblelock driveway on its near 0.25-acre site. Inside, a vaulted entrance hall with a double-height window floods the space with natural light and gives glimpses to a leafy backdrop through panoramic windows. The ground floor consists of a series of interconnected yet distinct living spaces. The drawingroom, anchored by a Lamartine limestone fireplace with onyx marble hearth, flows seamlessly into the diningroom via sliding pocket doors. Here, the space – which has a sleek wall-mounted electric fire – opens via sliding doors to a southwest-facing patio, creating a seamless indoor-outdoor dynamic. A separate TV/family room – currently used as a home office – sits adjacent to a stylish guest loo, while a bespoke oak staircase rises from the inner hall, which also houses a cloakroom. The heart of the home is a contemporary dual-aspect Siematic kitchen, featuring a centre island housing a Miele wine cooler. Floor-to-ceiling storage units provide solutions for a busy family, while high-end appliances will cater to culinary enthusiasts. The kitchen flows into an informal dining space and again, the position of sliding doors to the patio blends indoor and outdoor spaces. A well-appointed utility room with Blanco sink, and a shirt rail for indoor drying, completes the ground floor. Upstairs, a galleried landing, lined with a glazed balustrade and oak handrail, makes the most of the natural light streaming in from a double-height window. Five bedrooms lie on this floor, including the main bedroom suite with his and hers wash-hand basins, a separate toilet and a dressingroom. The property has five bathrooms in total, including a fine-sized family bathroom with an oval free-standing bath. Rear of the property Livingroom Kitchen Breakfast area off the kitchen Formal diningroom Study The property has five bedrooms Designed to complement the home's contemporary style, a sunken paved patio area with a central gas firepit and raised flower beds provides a sheltered space for outdoor entertaining. The level of thought that went into the design is evident from the placement of a shelter on the side of the prevailing wind, to protect guests from billowing barbecue smoke. The garden backs on to the eight-furlong mark of Leopardstown Racecourse, offering an interesting backdrop. To the front, hornbeam trees provide structure and privacy, while Portuguese cherry laurel bushes run down both side passages – measuring 3m (10ft) in width – providing ease of access should new owners wish to develop the garden further. [ Look inside: Rathmichael home offers rarified retreat in serene, sylvan setting for €3.25m Opens in new window ] A Biohort metal garden shed and a block-built counterpart offer more storage for all garden and barbecue accoutrements. The current residents enjoy the proximity to Foxrock Village, with its boutique shops, restaurants and speciality food stores. Sporting enthusiasts will have access to Carrickmines Lawn Tennis Club, Leopardstown Racecourse, Foxrock Golf Club, and numerous other amenities. Excellent transport links – including the Luas green line at Carrickmines, the M50, N11 and various Dublin Bus routes – provide ease of access to and from the city centre and surrounding areas. Woodland, which has an impressive Ber rating of A3, with buckets of entertaining space for a large family, in one of Dublin's most sought-after suburbs, is now on the market through Sherry FitzGerald seeking €3.25 million.
Irish Times
15 minutes ago
- Irish Times
Glenageary Victorian five-bed rich in period detail for €2.85m
Address : 5 Arkendale Road, Glenageary, Co Dublin Price : €2,850,000 Agent : DNG A large redbrick Victorian house in Glenageary , Co Dublin, 5 Arkendale Road is truly a family house: it's where Nollaig Greene grew up, where she and her husband Ken raised their three children and where a daughter, son-in-law and granddaughter lived with them for three years until recently. Now, after nearly 60 years, this tall 348sq m (3,745sq ft) two-storey, over-ground-level five-bedroom house, is for sale: DNG is asking €2.85 million for the semidetached house halfway down this quiet cul-de-sac off Castlepark Road. The house, built in 1884, has been well cared for, with rich original plasterwork in the hall and main reception rooms, and modernised over the years. But it is also somewhat dated, and new owners will likely want to revamp it again. If Nollaig were staying in the house, she would concentrate on improving its E1 Ber rating with an energy upgrade. What she likes most about her home – which her parents bought when she was six – is the space, light (the house has many tall sash windows) and the location, a short walk to Glenageary Dart station, Killiney Hill and the sea, of which there are views from upstairs windows. And of course, the large back garden, where she has created a 'white garden' filled with lilies, roses and peonies. The Arkendale houses had generous back gardens and in 1998, Nollaig and Ken built a house at the bottom of their original garden, before swapping places with her parents and moving back into the main house. Number 5A Arkendale Road, sold in 2020 for €910,000, is tucked away behind tall walls down a long gravelled driveway. READ MORE Front garden and driveway Entrance hall Steep granite steps lead up to the front door of number 5, opening into a short front hall with ornate ceiling plasterwork. An original door with coloured glass opens into a hall, off which are four rooms: the diningroom, drawingroom, study and an upstairs kitchen. The diningroom and drawingroom are formal rooms, furnished in mainly period style. But they're both rooms the family uses, 'eating breakfast, lunch and dinner in the diningroom' when their daughter's family shared the house. And during Covid, Nollaig moved her desk near to a window in the drawingroom to take advantage of light flooding in. The diningroom at the front of the house has ornate ceiling plasterwork, centre rose, a black marble open fireplace and a deep bay with three windows looking over the front garden. Diningroom The drawingroom, at the back of the house, has two tall windows overlooking the back garden, slightly less ornate plasterwork, centre rose and a white marble fireplace. Drawingroom The study, at the front of the house, is a good size. The upstairs kitchen is a legacy of earlier days when the main kitchen was located here and was useful when her daughter lived with them, says Nollaig. Study Stairs beside an exposed brick wall lead down to garden level, where a large kitchen/breakfastroom and family room are linked by a very wide arch. Downstairs hall An Aga sits in the chimneybreast of the kitchen/breakfastroom opposite an island and a large dining table. There are window seats below two tall windows looking into the back garden. The family room at the front of the house has a deep bay with three windows, like the diningroom on the floor above, an open fireplace and an exposed brick wall. Kitchen Family room Other rooms at this level include a utility room, a room well equipped as a gym, a downstairs shower room and a storage room under the front steps – a space owners of some Victorian houses have turned into a wine cellar. There is a side entrance into the downstairs hall, and, at the end of the hall, sliding glass doors opening into the back garden. Upstairs, past a landing with a tall arched window, there are five bedrooms on the top floor and a family bathroom. This is painted a vivid yellow and has a traditional clawfoot bath and a shower. The large main bedroom has a deep three-window bay with views over trees and houses across the sea to Howth, and a tiled en suite shower room. A sixth bedroom could be created downstairs, perhaps in the garden-level gym or ground floor kitchen or study. Main bedroom Family bathroom View towards Howth from upstairs Number 5 stands on 0.2 acres and has a 25m (82ft) back garden. Steps lead up from a patio stretching across the back of the house to a glossy green lawn with a pear tree near its centre. The garden, where one of the daughters got married, is private, with trees and mature planting, including the white flowers, and a herb garden in a trug. There's lots of room to park in the landscaped front garden. Rear garden Glenageary Dart station is a five- to 10-minute walk via a pedestrian lane at the end of the cul-de-sac leading to the Metals – the walkway that runs behind the Arkendale houses.
Irish Times
44 minutes ago
- Irish Times
ECB set for fresh interest rate cut
The European Central Bank (ECB) is widely expected to cut interest rates once more today, but will the cuts keep coming? That is perhaps the question everyone is trying to answer for now. Eoin Burke-Kennedy reports. UCD netted €42.83 million from its on-campus student accommodation blocks, the largest such income across higher education institutions in the country. While down slightly from the €43.98 million revenue the university made in 2023, the accommodation income helped the university record a €34.5 million surplus for the year ending September 30th, 2024. Hugh Dooley read the accounts. A partnership between AIB and non-profit FoodCloud has helped to redistribute 15,000 tonnes of food, saving it from becoming waste. Hugh reports. Ryanair Holdings chief executive Michael O'Leary sold almost €21 million worth of shares in the airline group, personally and through his pension scheme this week, stock exchange statements show. The carrier, Europe's largest, recently reported that profits slipped 16 per cent to €1.61 billion in the 12 months to March 31st while it flew a record 200.2 million passengers. Barry O'Halloran has the story. READ MORE A scientist living with 'debilitating' endometriosis has accused international medical devices firm Abbott of discriminating against her by refusing to let her work from home to ease a daily commute of nearly four hours. Stephen Bourke has the details. If you travelled to the west coast of the United States in recent months there is a good chance you saw, if not sat in, a self driving car. As Emmet Ryan writes though, it will be a while before you see such a sight in Europe. Communications watchdog ComReg is stepping up its battle against scammers with the launch of a text registration system. As Conor Pope writes, this is aimed at making it more difficult for criminals to piggy back on legitimate operators and send convincing spam messages to consumers. Donald Trump's second term in the White House has seen markets go through a period of extreme volatility, something that has worried many Irish pension holders. How should they react? Should they react at all? And what is the outlook for the rest of this year? Munro O'Dwyer is a partner at PwC Ireland and joins host Cliff Taylor in studio to discuss managing your pension in volatile times. Cantillon looks over Holland & Barrett's Irish accounts , typo and all, while also assessing why the ECB is widely expected to cut interest rates today. Ireland and New Zealand are both island nations almost entirely reliant on air travel for connectivity. So how have New Zealand managed to get their emissions down? Neil Briscoe looks at what lessons Ireland can learn from the land of the long white cloud. Sarah Friar is the CFO of OpenAI and one of the most prominent female executives in Silicon Valley. She's also a native of Sion Mills in Co Tyrone. She spoke to Ciara O'Brien. Ciara also reviews the Carluex Pro+ which can turn your car into a full entertainment hub. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
