AIB customers lose out as rates cut on savings accounts

AIB savers are set to lose out after the bank cut the rate it pays on a number of its deposit and current accounts.

While the bank passed on the full 0.5% European Central Bank cut on standard variable rate for owner-occupier and tracker mortgages, it is passing on just 0.25% of the cut for buy-to-let mortgages.

AIB is cutting the rate on its high-interest current account by 0.75% to 2.25% AER (annual equivalent rate) and reducing the rate on its standard variable AA loan rate for business loans by 0.25%.