Bank of Ireland reduces deposit rates following ECB cuts

ECB is expected to continue reducing its key deposit rate throughout the course of 2025

No other savings products are affected, Bank of Ireland noted, with its top rate of 3% on its supersaver product, applicable for the first 12 months after setting up such an account, remaining. Picture Colin Keegan, Collins Dublin

Bank of Ireland has announced it will cut rates on certain deposit products, marking its first such response to the European Central Bank's (ECB) reduction to borrowing costs last June.

The lender said on Tuesday that it is reducing the interest rate on its 12 and 18-month fixed-term deposits by a quarter of a percentage point from Friday.