KBC Bank Ireland is to cut the deposit interest rate of its Smart Access Demand Account by 0.25% from July.

The rate offered on the account – which is for deposits of between €3,000 and €100,000 – will fall to 1.75% from 25 July, according to the bank.

KBC Bank Ireland announced the change in a newspaper advertisement today.

The change follows a similar move by Permanent TSB, which announced a deposit interest rate cut last week.