Bank of Ireland cuts interest rates on 12-month and 18-month fixed term deposit accounts

Savers can still avail of existing rates if they sign up before February 18

Bank of Ireland is cutting the interest rate on its 12 and 18-month fixed-term deposits by 0.25% next week.

Bank of Ireland is cutting the interest rate on its 12 and 18-month fixed-term deposits by 0.25% next week.

The changes will take effect from Tuesday February 18. The Advantage 12-month fixed term return will reduce from 2.24% to 1.99% while the AER will reduce from 2.25% to 2%. The Advantage 18-Month Fixed Term will see fixed term rates reduce from 4.11% to 3.73% with AER from 2.73% to 2.48%.

Customers who are already in the process of opening a 12 or 18-month term deposit account can still avail of the existing rates if they open their account by the close of business on Monday February 17.

The bank says there are no changes to the SuperSaver regular savings account (3.00% AER for 12 months) or any of our other savings products, including Advantage 6-month Fixed Term deposit account, Notice Deposit account, Instant Access Demand account, MortgageSaver (regular savings) account, and GoalSaver (regular savings) account.