European Central Bank rate change – Bank of Ireland statement

Following confirmation today by the European Central Bank that it is implementing a 0.5% interest rate increase, Bank of Ireland is announcing a number of interest rate changes.

Mortgages:

• Tracker mortgage rates will increase for all tracker mortgage customers by 0.5%
• For most customers, this change will take effect from 10th August
• Bank of Ireland will write to all tracker mortgage customers confirming the new interest rate, the effective date, and their new repayment amount

Deposits:

• Where negative interest rates are currently applied to customer balances, this will come to an end
• This change will take effect from 3rd August

All other products are unaffected.

Customers don’t need to take any action right now. Bank of Ireland will write to them confirming the new interest rate, the effective date, and their new repayment amount.

Customers who pay their mortgage by direct debit won’t have to do anything at all because the direct debit for the mortgage will automatically change.

Q&As:

I pay my mortgage by direct debit. What will I need to do?

The direct debit for your mortgage will automatically change, so you don’t have to do anything.

I pay by standing order. How do I change my standing order?

Standing orders do not increase automatically when mortgage rates increase. So, please remember to increase your standing order to your new repayment amount before your next payment is due.

You can do this as soon as you receive the letter with your new repayment amount. Just fill in the form in the letter we send you and send it back to us.

Alternatively, log in to your banking app (for the account you pay your mortgage from) and increase your standing order amount there.

Where can I find more information?

Bank of Ireland has developed a detailed Q&A for customers which is available on its website. Search ‘Bank of Ireland ECB Rate Change’ to access this information.