AIB latest lender to cut deposit rates in response to ECB

The bank also announced it is reducing the minimum balance needed to open a fixed-term deposit account to €5,000 from €15,000

The AIB fixed-term two-year rate will change from 3.02% to 2.77% annual equivalent rate and the AIB fixed-term one year rate will change from 2.5% to 2.25% annual equivalent rate, effective January 23, 2025. PIC: Conor Ó Mearáin / Collins Photos

AIB has become the latest Irish lender to cut deposit rates, following moves from Bank of Ireland and several fintechs operating in the market.

It follows a series of rate reductions from the European Central Bank, who have cut interest rates four times since June 2024.