Bank of Ireland raises its one and two year deposit rates

Bank of Ireland has today announced two new fixed-term deposit accounts with higher rates and flexible features and with no limit on the savings balance and interest paid on the full balance.

There is also no requirement to have a Bank of Ireland current account, and no fees or subscriptions to access these rates.

Bank of Ireland said the new rates announced today are available from June 6.

Accounts can be opened online, via its mobile app, or in any of Bank of Ireland’s 169 branches nationwide.

The bank is introducing a new two-year fixed-term deposit account with a rate of 3%, an increase of 1% on its current two-year fixed-term deposit rates (5.98% return over full 2-year term).

There is no upward cap on the savings balance, with interest paid on the full balance and customers can also access up to 25% during the term.

It is also introducing a new one-year fixed-term deposit account with a rate of 2.5%, an increase of 0.5% on its current one-year rate.

There is no upward cap on the savings balance, with interest paid on the full balance, while customers can access up to 25% during the term.

Susan Russell, Director of the bank’s Retail Ireland operations, said the new accounts offer better rates along with flexible features like being able to access some of your cash if needed and easy account opening in-branch or online.

“There is no requirement to open a current account and no fees or subscriptions to access these rates. And, like all our products, they’re backed by our customer service offering including a nationwide branch network and our contact centres,” she added.