Ulster Bank and Permanent TSB have cut deposit rates paid to savers by a quarter of a percentage point on a number of accounts.
The two banks took advertisements in today's newspapers announcing the changes.
Ulster Bank's changes affect Access Plus, Regular Savings, Bonus Saver, Pathway and eSavings Plus products.
Permanent TSB has cut rates on Instance Access Deposit Account and made a smaller reduction to its 21-Day Notice Regular Saver Account.
The development follows a quarter-point cut in interest rates set by the European Central Bank in December.
