Bank of Ireland apologises for misleading ads about savings accounts

Customers' deposits will move to a 0.1% variable rate after 12 months instead of a 2% rate mentioned in some ads

The fine print of the ads said deposits would move to a 2% rate after a year when the correct rate is just 0.1%.  Picture Colin Keegan, Collins Dublin

Bank of Ireland has apologised to customers over two confusing and misleading ads that let savers believe they would move to an attractive rate for their deposits.

The bank said it is writing to approximately 12,800 customers who opened a lump sum savings account between September 10 last year and March 31 this year to apologise for the error. They said they have also informed the Central Bank of Ireland about the matter.