Rates slashed on An Post products

The NTMA has reduced the interest rates offered on the State savings products it sells via An Post.

The reductions — which were announced yesterday and come into effect immediately — will only affect new purchases made from today. However, they will see significant falls in returns on savings bonds and certificates and the National Solidarity Bond.

For instance, the fixed interest rate total return for customers on the three-year savings bond offered by the NTMA/An Post is dropping from 7% to 4%; the six-year instalment savings rate falls from 17% to 14%; the 10-year national solidarity bond rate goes from 45% to 35%, and the four-year version of that bond will see a new fixed interest rate of 8%; as opposed to 12% before. The rate for the five-year savings certificate is dropping from 15% to 11%.