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Irish Independent
30-04-2025
- Business
- Irish Independent
AIB, EBS and Haven fixed mortgage rates to come down, but deposit reductions also on way
The moves comes after the European Central Bank announced its seventh cut in its rates earlier this month. AIB is reducing its non-green mortgage fixed rates by up to 0.75 percentage points, from May 13 next. The lower rates apply to its subsidiaries EBS and Haven also. The new rates will apply to new customers and those coming off fixed rates only, and not to those on existing fixed rates. AIB is reducing the interest it pays on two of its fixed term deposit accounts by up to 0.50 percentage points. Up to now much of the banking group's mortgage rate cuts have been for those with houses with high energy ratings. The latest cuts will help the group compete for those buying second-hand homes with lower Building Energy Ratings and many of its own customers coming off fixed rates that they locked into at lower rates than are being offered at the moment. Lowering non-green fixed rates should stop some of those people switching to other lenders, such as Avant Money. AIB's Two Year Fixed rate for non-green mortgages will reduce by 0.75 points. All other non-green fixed rate mortgages will reduce by 0.50 points, excluding the High Value Four-Year fixed rate. The bank said the reductions are in line with the falling interest rate environment and what it said was AIB's commitment to delivering value for customers, particularly those whose homes don't have a Building Energy Rating of B3 or higher. ADVERTISEMENT 'The reductions will also help customers coming to the end of their fixed term, as they roll off historically lower rates into an environment where rates are now higher,' AIB said. These latest reductions follow a number of cuts to green mortgage rates by AIB Group last year. AIB said monthly repayments on a new €300,000 AIB two-year fixed rate mortgage, with a loan to value of 50pc to 80pc, over a 25-year term, will be €1,557. The previous monthly repayment would have been €1,682, representing a saving of €125 a month. Over a year this works out at a saving of almost €1,500 over the 25 year term. AIB said that since June last year the ECB deposit rate has reduced seven times, by a cumulative 1.75 percentage points. During this time AIB has reduced fixed term deposit rates once in January 2025, by 0.25 points. 'Recognising this falling interest rate environment, AIB has now announced a second reduction to some of its fixed term deposit accounts,' the bank said. The one and two-year Fixed Term Deposit accounts will reduce by 0.25 points and 0.50 points respectively, effective from May 13. All other savings and deposit rates remain unchanged. AIB's managing director, retail banking, Geraldine Casey said: 'These significant reductions to our non-green fixed mortgage rates could benefit tens of thousands of customers by saving them money each month, in some cases by up to around €125.' Earlier this month the Central Bank said mortgage rates have come down in a move that will be a relief for new buyers and homeowners coming off fixed rates. Home-loan lending rates in this country are now at their lowest level in almost two years. The average new mortgage rates eased to 3.79pc in February. The European Central Bank is expected to cut its rates again in June, with other cuts likely as a weaker dollar against the euro is likely to subdue inflation.
RTÉ News
30-04-2025
- Business
- RTÉ News
AIB announces cuts to both deposit and mortgage rates
AIB has today announced cuts to both its deposit rates and its mortgage interest rates in response to the recent rate cuts from the European Central Bank. The bank said the interest on its one and two year Fixed Term Deposit accounts will reduce by 0.25% and 0.5% respectively - effective from May 13. AIB said all its other savings and deposit rates remain unchanged. This is its second cut to deposit rates after it made its first cut in January of this year. AIB also said today it would reduce its fixed rate mortgages by up to 0.75% for new and existing AIB, EBS and Haven customers. Its two year fixed rate for mortgages will reduce by 0.75% and all other fixed rate mortgages will reduce by 0.50%, excluding its High Value four year fixed rate. AIB said these "significant reductions" could benefit a large number of customers, adding that they will take effect from May 13. The lender said the reductions are in line with the falling interest rate environment and its commitment to delivering value for customers, particularly for those whose homes do not have a Building Energy Rating of B3 or higher. "The reductions will also help customers coming to the end of their fixed term, as they roll off historically lower rates into an environment where rates are now higher," it added. A monthly repayment on a new €300,000 AIB 2-year fixed rate mortgage, with a loan to value of 50-80% over a 25 year term will be €1,557.37. The previous monthly repayment would have been €1,682.35, representing a saving of €124.98 a month, €1499.76 a year, or €5,177.47 over the 25 year term. The latest reductions follow a number of cuts to green mortgage rates by AIB last year. AIB's Managing Director, Retail Banking, Geraldine Casey, said the bank takes a balanced and measured approach to interest rate changes. Ms Casey said that AIB understands that some customers are buying a home in areas where green properties are limited and also that some customers are coming to the end of a previous fixed rate mortgage, taken out at a time where the interest rate environment was much lower than it is now. "These reductions, coupled with previously announced reductions to our green rate mortgages and our competitive variable rates demonstrate our commitment to supporting customers and providing them with the best value on their home buying journey," she said. "In line with the falling interest rate environment, we are reducing two of our Fixed Term Deposit accounts while keeping all other savings accounts unchanged. AIB continues to offer some of the most competitive savings rates in the Irish market, especially for customers who require instant access on their savings," she added.
Irish Times
30-04-2025
- Business
- Irish Times
AIB to cut mortgage and deposit rates
AIB is to cut the interest rate on many of its fixed rate mortgages by as much as 0.75 per cent. The lender will cut rates on its non-green fixed rate mortgages from May 13th the bank said in a statement. 'AIB's two-year fixed rate for non-Green mortgages will reduce by 0.75 per cent and all other non-Green fixed rate mortgages will reduce by 0.50 per cent, excluding the high value four year fixed rate,'it said. The cuts come as the European Central Bank (ECB) continues to reduce interest rates amid worries about growth in the European Union (EU) amid US President Donald Trump's move to impose tariffs on the bloc and around the world. READ MORE 'These reductions, coupled with previously announced reductions to our Green rate mortgages and our competitive variable rates demonstrate our commitment to supporting customers and providing them with the best value on their home buying journey,' AIB's managing director for retail banking, Geraldine Casey said. A monthly repayment on a new €300,000 AIB two-year fixed rate mortgage, with a loan to value of between 50 and 80 per cent over a 25 year term will fall to €1,557.37 from €1,682.35, the bank said. Meanwhile AIB has also reduced its rates on some of its fixed-term deposit accounts. Interest on one- and two-year fixed term deposit accounts will reduce by 0.25 per cent and 0.5 per cent respectively, also from 13th May, 2025. All other savings and deposit rates remain unchanged.
Irish Independent
30-04-2025
- Business
- Irish Independent
AIB, EBS and Haven fixed mortgages rates to come down, but deposit reductions also on way
The moves comes after the European Central Bank announced its seventh cut in its rates earlier this month. AIB is reducing its non-green mortgage fixed rates by up to 0.75 percentage points, from May 13 next. The lower rates apply to its subsidiaries EBS and Haven also. The new rates will apply to new customers and those coming off fixed rates only, and not to those on existing fixed rates. However, there is no reduction in the AIB, EBS and Haven variable rates, considered very high compared with the rest of the market. AIB is reducing the interest it pays on two of its fixed term deposit accounts by up to 0.50 percentage points. Up to now much of the banking group's mortgage rate cuts have been for those with houses with high energy ratings. The latest cuts will help the group compete for those buying second-hand homes with lower Building Energy Ratings and many of its own customers coming off fixed rates that they locked into at lower rates than are being offered at the moment. Lowering non-green fixed rates should stop some of those people switching to other lenders, such as Avant Money. AIB's Two Year Fixed rate for non-green mortgages will reduce by 0.75 points. All other non-green fixed rate mortgages will reduce by 0.50 points, excluding the High Value Four-Year fixed rate. ADVERTISEMENT Learn more The bank said the reductions are in line with the falling interest rate environment and what it said was AIB's commitment to delivering value for customers, particularly those whose homes don't have a Building Energy Rating of B3 or higher. 'The reductions will also help customers coming to the end of their fixed term, as they roll off historically lower rates into an environment where rates are now higher,' AIB said. These latest reductions follow a number of cuts to green mortgage rates by AIB Group last year. AIB said monthly repayments on a new €300,000 AIB two-year fixed rate mortgage, with a loan to value of 50pc to 80pc, over a 25-year term, will be €1,557. The previous monthly repayment would have been €1,682, representing a saving of €125 a month. Over a year this works out at a saving of almost €1,500 over the 25 year term. AIB said that since June last year the ECB deposit rate has reduced seven times, by a cumulative 1.75 percentage points. During this time AIB has reduced fixed term deposit rates once in January 2025, by 0.25 points. 'Recognising this falling interest rate environment, AIB has now announced a second reduction to some of its fixed term deposit accounts,' the bank said. The one and two-year Fixed Term Deposit accounts will reduce by 0.25 points and 0.50 points respectively, effective from May 13. All other savings and deposit rates remain unchanged. AIB's managing director, retail banking, Geraldine Casey said: 'These significant reductions to our non-green fixed mortgage rates could benefit tens of thousands of customers by saving them money each month, in some cases by up to around €125.' Earlier this month the Central Bank said mortgage rates have come down in a move that will be a relief for new buyers and homeowners coming off fixed rates. Home-loan lending rates in this country are now at their lowest level in almost two years. The average new mortgage rates eased to 3.79pc in February. The European Central Bank is expected to cut its rates again in June, with other cuts likely as a weaker dollar against the euro is likely to subdue inflation.
