AIB and EBS raise interest rates for savers up to 3%

AIB is the last of the pillar banks to announce changes following increases from Bank of Ireland and Permanent TSB earlier this week

Following nine consecutive rate increases as part of the ECB's most aggressive interest rate campaign in history, banks have faced extensive criticism for not passing these rates onto consumers

AIB is the latest bank to increase rates for savers following moves this week from Bank of Ireland and Permanent TSB, with the lender and its subsidiary EBS introducing new rates of up to 3%.

From this month, AIB's Online Saver will offer returns of 3% on amounts between €10 to €1,000 per month for 12 months. Customers can open a maximum of four accounts, enabling them to earn 3% on amounts up to €48,000 a year.