Bank of Ireland savers facing third interest rate cut of year on some accounts
Bank of Ireland will reduce interest rates on its 12 and 18-month fixed-term deposits by 0.25% this week.
From Thursday, the bank will reduce rates from 1.99% to 1.74% on its Advantage 12-Month Fixed Term fixed term accounts, and from 2% to 1.75% on its Advantage 12-Month Annual Equivalent Rate (AER) accounts.
The Advantage 18-Month Fixed Term will see rates cut from 3.73% to 3.36% and from 2.48% to 2.24% for 18-Month AER accounts.
This will be the bank's third cut this year for some savers, with previous cuts in January and February. Up to 25% of funds can be accessed during the term of an Advantage Fixed-Term Deposit Account.
'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 4 June,' a Bank of Ireland statement said. 'Existing fixed-term deposit account customers will continue to earn interest at their original rate until the end of their term.2 There are no changes to any other savings accounts, including SuperSaver, which continues to offer a 3% AER for 12 months.
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