Jumping ahead of the ECB, the Bank of Ireland hiked lending rates
Dublin: The Bank of Ireland has increased fixed mortgage rates for both new and existing customers. These changes will come into effect today. The Bank of Ireland’s argument behind the rate hike is that the ECB raised rates by 4% last year.
The move comes as the European Central Bank is expected to raise interest rates again today. The ECB’s Governing Council’s decision is expected to raise interest rates by 0.25%.
The bank has raised the fixed-rate mortgage interest rate by 0.25%. Fixed rate holders, new fixed rate seekers, and tracker/variable rate customers looking to switch to fixed rates will all be affected by the increase.
Variable rates, on the other hand, will remain unchanged. Applicants with credit approval who have withdrawn their mortgage by August 24 will be able to continue receiving loans at their previous fixed rates.
The SuperSaver Deposit Account interest rate will rise from 0.5% to 2%. Individual and business customers will be able to open a new 2-year term deposit account at 2%. The one-year term deposit fixed rate has been raised from 0.25% to 1.5%.
The variable rate for new and existing 31-day notice accounts for personal and business customers has also increased from 0.47% to 0.5%.
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