Permanent TSB announces interest rate increase for fixed-term savings

Bank said the 0.5% increase will be applied to its fixed-term deposit accounts from 12 months to five years

The 0.5% increase will be applied to the bank's 12-month to five-year fixed-term savings accounts. 

Permanent TSB has announced a 0.5% increase to the interest rates it offers on its fixed-term savings accounts as the European Central Bank looks set to announce further rate hikes next week.

The ECB is set to meet on Thursday next week where another interest rate hike of 0.25% is expected to be announced. Interest rates have already increased by 4% since July last year.