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

26 July 2023 – Bank of Ireland is raising its mortgage fixed rates and introducing a new term deposit account for personal and business customers. This follows cumulative increases of 4% in European Central Bank rates since July 2022.

Mortgages

• 0.25% 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

Mortgage applicants who already have a credit approval and who draw down their mortgage by 24 August 2023, can still avail of the previous fixed rates.

Deposits

• SuperSaver account interest rate increases by 0.50% to 2% (including for accounts opened since its launch on 28 June)
• New 2-year term deposit account at 2% for personal and business customers
• The fixed rate on new 1-year term deposits increases by 0.25% to 1.5% for both personal and business customers
• The variable rate on new and existing 31-day notice accounts increases by 0.47% to 0.5% for personal and business customers

The mortgage rate changes are effective from today (26 July), while the new deposit accounts and rates will be available from tomorrow (27 July).