Bank of Ireland cuts savings rates in move expected to be followed by others

The European Central Bank's recent interest rate cuts prompted Bank of Ireland to lower its rates on key fixed-term deposit accounts, reflecting broader market trends.

Daragh Cassidy from Bonkers.ie noted, 'The Bank of Ireland move was not surprising. It should serve as a wake-up call to Irish households to seek better returns on their savings.'

Bank of Ireland's reductions on its 12 and 18-month fixed-term deposits likely indicate similar actions from other banks in the near future.

As Irish households hold nearly €160 billion in deposits with low returns, pressures from competitive digital banks have led to adjustments in traditional banking rates.

Read at Irish Independent