AIB cuts two savings rates with warning of more to come

AIB is reducing its fixed-term savings rates by 0.25 percentage points, effective January 23, with the two-year rate dropping from 3.02% to 2.77% APR and the one-year rate from 2.5% to 2.25% APR. This change follows a similar reduction by Bank of Ireland. In a positive development, AIB is also lowering the minimum balance for its Personal Fixed Term Deposit account from €15,000 to €5,000, making savings more accessible. This account offers a gross return of 5.58% at maturity for a two-year term. Other savings rates remain unchanged.

AIB has reduced its fixed-term savings rates for the first time since the ECB began rate cuts, signaling a trend among deposit takers.

In a move to encourage savings, AIB is lowering the minimum balance for its Fixed Term Deposit accounts from €15,000 to €5,000.

Read at Irish Independent