Customers looking to open new fixed-term deposit accounts with Bank of Ireland can secure current interest rates by doing so by the close of business on June 4. The bank is reducing rates to 1.74% for the 12-Month Fixed Term account and 3.36% for the 18-Month Fixed Term account. Existing savers in fixed-term accounts will continue to earn their current rates. These changes follow an anticipated cut by the European Central Bank in an effort to control inflation, marking a wider trend of rate reductions by the bank.
Customers can secure current rates for new 12- or 18-month fixed-term deposits by opening accounts by the close of business on 4 June.
The interest rate for the Advantage 12 Month Fixed Term account will be lowered to 1.74%, while the 18 Month Fixed Term account rate will reduce to 3.36%.
Savers locked into existing fixed-term accounts will continue to earn interest at their original rates until their terms expire.
The rate cuts come ahead of an expected European Central Bank rate cut, the eighth in succession, aimed at calming inflation.
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