BoI to pay out €4m over SSIA rates muddle

BANK of Ireland customers who invested in fixed interest rate SSIA accounts are set to enjoy an estimated “bonus” of around €150 each due to confusion over the interest rate to be paid on top-up amounts.

Almost 29,000 Special Savings Incentive Account (SSIA) holders with BoI will benefit from the controversy after it was highlighted during RTÉ’s Liveline programme yesterday.

The bank said it had received a large number of complaints from customers after they were reminded in correspondence that top-up amounts are not at the original fixed rate of 4%.