Interest on savings doubled as AIB and EBS subsidiary increase rates to 2%

The bank is the first in Ireland to increase saving rates to 2% following continuous hikes by the ECB over the past 12 months

Coming into immediate effect on Tuesday, June 13th, AIB Managing Director of Retail Banking Jim O'Keefe said the bank was "delighted to announce significant increases," on saver returns

AIB and its subsidiary, EBS have doubled returns for regular savers, increasing interest rates from 1% to 2% across a range of its deposit and saving offerings.

The bank is the first to announce the market-leading rate for savers following continued ECB hikes, with leading competitors, Bank of Ireland and Permanent TSB still offering maximum returns of 1.5%, implemented just last month.