Bank of Ireland to raise mortgage fixed rates and introduce new term deposit account for business customers

31 March 2023: Bank of Ireland is raising its mortgage fixed rates and introducing a new term deposit account for business customers. This follows cumulative increases of 3.5% in European Central Bank rates since July 2022:

Mortgages:

• 0.50% increase in the fixed rates available to new and existing customers
• This includes customers who are coming to the end of their fixed rate period and are seeking to re-fix their mortgage, and tracker rate or variable rate customers who wish to move to a fixed rate.

Variable rates and tracker rates remain unchanged.

Applicants who already have a credit approval and who draw down the mortgage by 5 May 2023, can still avail of the previous fixed rates.

Deposits:

• The Bank is launching a new 1-year term deposit account for business customers at 0.50%; capped at €250k

The mortgage rate changes are effective from today, while the new deposit account will be available from 18 April.