Permanent TSB said today it would increase the interest rates paid to depositors, becoming the latest bank to pass on more of the ECB interest rate increases to its savers.
The bank said this increase marks its third rate hike on savings and deposit products since November 2022.
Permanent TSB said the rate paid on its Online Regular Saver Account for amounts up to €50,000 will increase by 0.25% to 1%.
The rate on its 21-Day Regular Saver Account for amounts up to €50,000 will also rise by 0.25% to 1%.
Meanwhile, the rate on its children's "Safari Saver Account" for amounts up to €20,000 will increase by 0.99% to 1%, while the rates paid on fixed term deposits for terms of six, 12 and 18 months will increase by 0.25%.
The new deposit rates will take effect from June 20.
Yesterday Bank of Ireland raised some of its deposit rates amid growing pressure on banks here to funnel through the benefits of the rate changes over recent months to those with savings.
Banks here have been criticised for the slow pace at which they are passing on the interest rate increases that the ECB has introduced since last July.
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Cumulatively the ECB has raised rates by 3.7% in a series of incremental rises, in a bid to bring inflation in the euro zone under control.
