C: William Murphy via Wikimedia under CC 3.0

AIB, EBS to give up to 3% now on these savings accounts

AIB and EBS have announced increased deposit rates up to 3% for regular savers and fixed term accounts.

Customers can now avail of increased deposit rates on some savings accounts from September 12th for fixed rate accounts, and a week later for other savings account.

Banks have been criticised for failing to pass on interest rate hikes from the European Central Bank (ECB) onto savers, while benefitting from increased mortgage rates which continue to put borrowers under pressure.

Ratings agency Standard & Poor reported last month that Ireland had the lowest deposit rate gains out of the Eurozone with just a fraction – 7% – of the interest rate hikes from the ECB being passed on to savers.

Bank of Ireland then moved to increase interest rates on savings accounts earlier this week, and now AIB have followed suit – good news for personal accounts and also for business customers benefitting through EBS unit’s deposit products.

Savers can benefit from an increased rate of 3 per cent on the AIB online saver account – and customers can open a maximum of four of these accounts using the AIB mobile app, the bank said today. They can also access their money any time without penalty.

But customers should be aware  that a rate of 0.25 per cent applies after the monthly threshold of up to €1,000 is reached on each account.

AIB’s fixed-term deposit rates for personal and business customers are also increasing with its two-year term deposit account increasing to 3 per cent.

Interest rates on the bank’s one-year term deposit accounts will increase to 2.5 per cent, while customers saving in a six-month term deposit account will now earn 1.5 per cent on savings.

Junior and student savers will also benefit  AIB junior and student saver rates and the EBS family savings rate are increasing to 3 per cent, and the EBS children and teens savings rates are increasing to 2.5 per cent.

AIB’s Head of Products, Elaine Downey said of the increases “AIB is pleased to announce another significant increase on the returns to AIB and EBS savers across Regular Saver, AIB Fixed Term and Demand deposit products benefiting all of our deposit customers. The AIB Online Saver, which delivers a 3% rate for Regular Savers, can be opened in minutes on the AIB Mobile App, online or in branch and customers can get instant access to their savings without penalty. For customers who have larger sums to save for longer periods, we have increased all our Fixed Term deposit rates, offering a 3% return on our 2-Year Fixed Term Deposit account and 2.50% on our 1 Year Fixed Term.

“We encourage all customers to review our savings and deposit offerings to see how they can earn more on their savings,” she said.

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