Bank of Ireland said today it will reduce the interest rate on its 12 and 18-month fixed-term deposits by 0.25%.
The changes take effect from Thursday January 9.
The move comes after the European Central Bank cut its key rates for the fourth time in December with more reductions expected this year.
Bank of Ireland said that customers who are already in the process of opening a 12 or 18-month term deposit account can still avail of the existing rates if they open their account by January 8.
The bank also said the interest rate for its Advantage 6-month fixed-term deposit will not change, while there will also be no changes to any of its other deposit products including SuperSaver, Notice or Instant Access Demand
