Bank of Ireland raises interest rates for savers 

The news comes as the European Central Bank (ECB) has increased the Euro refinance rate by a cumulative 3.75% since July 2022.

Bank of Ireland has announced that it will be raising interest rates for savers for the second time this year, as well as introducing a new savings account with an initial interest rate of 1.5%. Picture Denis Minihane.

Bank of Ireland has announced that it will be raising interest rates for savers for the second time this year, as well as introducing a new savings account with an initial interest rate of 1.5%, in the wake of repeated hikes in interest rates by the ECB. 

The bank has moved to increase interest rates on its regular saver products (MortgageSaver, GoalSaver and Childsave) by 0.25%, bringing the overall rate on Regular Savings accounts to 1%. The new rate is effective from 19 May, and is capped at up to €15,000.