BoI slashes interest rate for positive balance credit cards

Bank of Ireland has slashed the interest it pays to credit card holders who maintain positive balances in their accounts by 0.8 per cent, less than two weeks after the European Central Bank (ECB) increased base rates by 0.25 per cent.

18th March, 2006

Bank of Ireland has slashed the interest it pays to credit card holders who maintain positive balances in their accounts by 0.8 per cent, less than two weeks after the European Central Bank (ECB) increased base rates by 0.25 per cent.

The bank said last week that it would cut the interest rate for positive balances from 1 per cent to just 0.2 per cent.

The move will affect around 6,000 customers who had switched cash from low-yielding deposit...

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