Permanent TSB to raise interest rates for savers

The bank is the second to increase deposit rates this week in light of rising pressures to pass through interest rates for savers

Despite recent increases in deposit rates, banks have been slow to fully pass on the increase in deposit rates, with low rates for savers largely offsetting the impact of monetary policy on mortgage borrowers. Photo: Sasko Lazarov/RollingNews.ie

Permanent TSB has announced a 0.25% rise in interest rates paid to savers across the bank's range of deposit accounts, marking the bank's third increase in saving and deposit products since November last year.

The move comes in the wake of continued rate hikes by the European Central Bank, with rising pressure being placed on banks to raise deposit rates for savers.