Bank of Ireland launches new savings account with 1.5% interest rate

• SuperSaver deposit account offers 1.5% rate for first 12 months and €100 off home or car insurance
• Range of other deposit enhancements also announced including rate increase to 1% on regular saver products (MortgageSaver, GoalSaver, Childsave)
• New 1-year Advantage Fixed Term Deposit Account also introduced offering 0.75% rate with no upward cap on savings

Wednesday 17th May – Bank of Ireland has today unveiled a range of measures to reward savers. This includes the introduction of a new savings account – SuperSaver – with a 1.5% rate for the first 12 months and a €100 discount on home or car insurance. The Bank has also announced a 0.25% increase to its 1-year term deposit rates and removed the cap for new 1-year term deposits.

Susan Russell, Director, Retail Ireland, said: “I’m pleased to announce this enhancement to Bank of Ireland’s deposit offering which we see as an important component of our overall focus on customer financial wellbeing. With a 1.5% rate, combined with a €100 discount on home or car insurance, we’re doing more to reward regular savers. We also want to encourage those who don’t save to start that habit, even with a small amount each month.”

New SuperSaver account offering 1.5% for first 12 months and €100 insurance discount

The new SuperSaver account will offer a special rate of 1.5% for the first 12 months, capped at €30k, after which it will default to the standard Regular Saver rate. As a further incentive, customers will receive a discount of €100 on home or car insurance. To encourage younger savers there will be no minimum monthly lodgement required. SuperSaver will be available in June 2023.

Regular Saver personal deposit account rates increase by 0.25%

Following a 0.25% increase in January, the Bank is increasing rates by a further 0.25%, allowing customers to earn 1% on its MortgageSaver, GoalSaver, and Childsave accounts, capped at up to €15k. The new rate is effective from 19 May 2023.

New 1-year Advantage Fixed Term Deposit Account offering 0.75% and no maximum limit

The Bank is also introducing two new 1-year Advantage Fixed Term Deposit Accounts, one for personal and one for business customers. Each will offer a 0.75%, rate, which is an increase of 0.25% on current 1-year fixed term deposit rates.

In addition, the new 1-year Advantage Fixed Term Deposit accounts are not subject to a maximum limit whereas the current 1-year term deposits are capped at €100k for personal customers and €250k for business customers. The new Advantage Fixed Term Deposit accounts are available from 19 May 2023.