Bank of Ireland increases deposit rates

  • Market leading rate of 3% on SuperSaver product
  • New Term Deposit account with access to 10% of initial balance
  • Latest increases follow previous savings changes in January, March, May, June and July

Monday, 28 August 2023 – Bank of Ireland is pleased to announce the following changes to Savings and Deposit accounts from 8 September:

  • SuperSaver accounts – interest rate to be increased to 3%* (previously 2%) for the initial 12 month period. After the initial 12 months, a rate of 2% (previously 1%) will apply on balances up to €30k. Available for new and existing customers (existing customers don’t need to take any action, new rate will automatically apply).
  • MortgageSaver accounts – interest rate to be increased to 2%** (previously 1%) on balances up to €15k. A rate of 0.50% (previously 0.01%) will apply on balances above €15k. Available for new and existing customers (existing customers don’t need to take any action, new rate will automatically apply).
  • Regular Saver accounts – interest rate to be increased to 2% (previously 1%) on balances up to €12k. A rate of 0.50% (previously 0.01%) will apply on balances above €12k. Available for new and existing customers (existing customers don’t need to take any action, new rate will automatically apply).
  • The addition of a new ‘10% Access’ feature to 6 Month (new), 1 Year and 2 Year Term Deposit accounts***, allowing access of up to 10% of the initial balance. A rate of 1.5% will apply to the 6 Month Term Deposit, while a rate of 2% will apply to 1 and 2 Year Term Deposits – available to both personal and business customers.
  •  31 day Notice interest rate to be increased to 1% (previously 0.5%). Available for new and existing personal and business customers (existing customers don’t need to take any action, new rate will automatically apply).
  • Demand Deposits – interest rate to be increased to 0.10% (previously 0%) – available to both personal and business customers (existing customers don’t need to take any action, new rate will automatically apply).

Commenting on the changes, Susan Russell, CEO Retail Ireland, Bank of Ireland said: “Since the ECB started to increase rates last year, we have made a number of improvements to our savings products. These latest changes will increase our SuperSaver to a market leading 3%. Customers are telling us that they want a term account, but also the security of some access to cash in the event of an unexpected expense. The addition of the 10% access feature to our Term Deposit accounts and our improved rate for 31 Day Notice Accounts provides access to savings and competitive rates.

“I would encourage customers to switch their money from their current account to a savings or deposit account where they will benefit from interest payments. The market has gone from eight years of negative rates and, now that savers can benefit from better rates, we are encouraging customers to take action, start a savings habit or move money into interest earning products or accounts. Customers can get a better return and enhance their financial wellbeing. We will shortly launch a new marketing and awareness campaign to highlight our savings products and encourage those with excess money in current accounts to switch to a savings or deposit account.”

“We are also very conscious of the challenges a rising rate environment brings for mortgage customers and we continue to take a very measured approach in relation to our mortgage rates.”

“Bank of Ireland will continue to keep rates under review into the future.”

*The SuperSaver deposit account continues to offer a €100 rebate on BOI home or car insurance policies.

**The MortgageSaver deposit account continues to offer a €2,000 bonus together with discounts/rebate on BOI mortgage protection & BOI home insurance to First Time Buyers taking a BOI mortgage.

***10% Access products available in-branch from 8th September. Digital applications will be available for Personal customers – online, in-app and in-branch in October.