PTSB has announced changes to its fixed term deposit rates for all personal and business customers.
The bank is increasing its one-year fixed rate by 0.75% to 2.75% and its six-month fixed rate by 0.25% to 2%.
This is the second increase in the lender's six-month fixed rate in two months after a 0.75% increase in March
PTSB said the new rates are designed to attract customers who are looking for a higher rate of return on shorter terms.
The bank said there is no change to its current 18-month and five-year fixed rates, which remain at 2.5% and 2% respectively.
But its new three-year fixed rate will be 2.1%, a reduction of 0.9%.
PTSB said it will continue to keep deposit rates under review.
The new rates announced today will take effect from May 14 and are available to new and existing customers.
Daragh Cassidy, head of communications at Bonkers.ie, said there has been huge focus on when and by how much the ECB will cut interest rates over the coming months and the impact it will have on mortgage rates.
"But what many people tend to forget is that it's also going to lead to reduced savings rates. So today's news that PTSB is cutting one of its best fixed deposit rates from 3% to 2.10% isn't overly surprising," Mr Cassidy said.
"But it should serve as a warning to savers that the higher rates that have been available over the past 18 months or so won't be around forever," he added.
But he also welcomed the news that PTSB is increasing its one-year rate to 2.75%.
"Some people are uncomfortable with locking their money away for longer periods so this product should prove attractive to them," he added.
