Personal Finance

Bank of Ireland to hike consumer deposit rates

Bank has announced a slew of changes to its main savings products

Bank of Ireland has said it will change the rates on its savings accounts, including the SuperSaver, MortageSaver and Regular Saver products, from September 8. Picture: Fergal Phillips

Bank of Ireland has announced plans to raise the deposit rates on a number of its accounts from next week.

Following moves by the European Central Bank to interest rate increases, banks in Ireland have begun to face pressure to pass on the benefits of these changes to customers with savings accounts.

Last week, Michael McGrath, the Minister for Finance, said he expects banks to pass on rate rises for depositors over the coming weeks.