Bank of Ireland raises fixed rates by 0.5%

[Brendan Burgess]

Bank of Ireland raises fixed mortgage rates

The move follows cumulative increases of 3.5 per cent in European Central Bank rates since July 2022

www.irishtimes.com

Applicants who already have a credit approval and who draw down the mortgage by May 5th can still avail of the previous fixed rates.

 

[Lightning]

BoI getting away yet again with increasing mortgage rates but not increasing personal deposit rates.

BoI clearly ignoring Leo Varadkar's “can't have it both ways” speech.

 

[Mark Coan]

Still baffled as to why they haven’t increased their variable. With ECB rates of 3.5% there is no way a variable rates of 3.9% or so make sense for them, something strange afoot and not sure their share holders will approve of the strategy. Maybe better deposits and higher variable rate announcements will come out together? I can’t see BoI keeping deposit rates so low without losing balances when Raisin and the money markets are now offering around 3%. Still think higher variable rates are only a matter of time…

 

[Protocol]

There are loads of customers like my parents, with thousands on deposit, who haven't a clue about Raisin, and whose deposits are very sticky.

 

[Cathbarr]

Does anyone think BOI will raise their rates again in the coming months? I know noone can know for sure but have a friend who is due to come to the end of their fixed rate with them and was looking for some advice.

 

[Brendan Burgess]

If your friend is concerned, he can break out of his fixed rate now and fix again. The early repayment fee should be close to zero.

Brendan

 

[Brendan Burgess]

BoI getting away yet again with increasing mortgage rates but not increasing personal deposit rates.

Why would BoI increase the deposit rates?
They are awash with deposits.

Brendan