Permanent TSB is to increase its interest rates including fixed term mortgage interest rates and deposit rates from today.

The bank said the changes come after three interest rate increases from the European Central Bank in recent months.

Permanent TSB said there are no changes for customers on existing fixed rates and there are no changes to its variable rates for new or existing customers.

The bank said it will raise interest rates on its home loan fixed rate products by an average of 0.45%.

The increases will range from 0.05% to 0.9% depending on the length of the fixed term mortgage, the size of the loan and the size of the loan relative to the value of the property in question.

It said that customers who have received an offer letter will have up until February 15, 2023 to complete the drawdown of their loans at existing rates or brefore their current loan offer expiration, whichever date is the earliest.

The bank has also confirmed that existing customers can access the same fixed rates as new customers with the exception of one introductory offer.

Permanent TSB also said today that it will raise interest rates on certain deposit accounts from 0.2% on its Regular Saver Online/21-day Regular Saver to 1.15% on its five-year fixed term account.

Patrick Farrell, Retail Banking Director at the bank, said that any customer applying for a mortgage over €250,000 will see increases range from 0.05% to a maximum of 0.45%.

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"We are seeking to balance the reality of the increased interest rate environment with the need to provide a competitive offering to our mortgage customers and to provide certainty, in particular, to those customers who are already advanced on their mortgage journey," Mr Farrell said.

"We also recognise the need to re-commence increasing deposit rates for savers and we are pleased to start this today by introducing increases to our Regular Saver and Fixed term deposit accounts," he added.

Earlier this month, Bank of Ireland increased its fixed rates for new mortgages by 0.25% after the recent interest rate increases by the ECB.

AIB was the first of the main banks to increase the interest rate it charges for new fixed rate mortgages, when it raised them by 0.5% last month.

Some other non-bank lenders including Avant, Finance Ireland and ICS have also increased their rates in recent weeks.