AIB and its subsidiary EBS have told savers that they will cut interest rates on their customers' deposit accounts from December.

In newspaper ads today, AIB said its regular saver account will see a cut from 1.5% annual equivalent rate to 1% while the bank's online saver account will see a similar cut.

Meanwhile, EBS said its MoneyManager Account will see rates cut from 0.03% to 0%, while its 40 day Notice Account interest rate will fall to 0.05% from 0.2%.

The cuts will become effective from close of business on December 19.