AIB has announced it will reduce rates by 0.25% on two of its Fixed Term savings products after the European Central Bank decreased rates four times over the last year.
AIB said its Fixed Term Two Year rate will reduce from 3.02% to 2.77% Annual Equivalent Rate and its Fixed Term 1 Year rate will change from 2.5% to 2.25% Annual Equivalent Rate.
The cuts will take effect from tomorrow, January 23.
The bank said that ll of its other savings rates remain unchanged, adding that it continues to offer some of the most competitive rates in the Irish market.
This includes a Regular Saver rate of 3% Annual Equivalent Rate (AER) on the AIB Online Saver, which provides customers instant access to their savings.
The bank also said today that it will reduce the minimum balance required to open an AIB Fixed Term Deposit account from €15,000 to €5,000.
It said this will make it easier for savers to get a return on more of their money.
The change will apply to in-branch account opening and maturity instructions from February 5 and for accounts opened on the AIB App in the following weeks.
