AIB, EBS double some deposit rates for savers

AIB and EBS will increase savings rates to up to 2% for regular savers.

AIB and EBS have increased rates for savers, doubling the return for regular savers to 2 per cent.

The bank said it would apply the 2 per cent rate to its regular saver products, along with AIB Junior, AIB Student Saver and EBS Family Savings accounts.

But the top rates come with caveats, applying to regular savings of up to €1,000 a month for the first 12 months. The rate drops to 0.10 per cent after this.

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AIB’s one-year fixed term account for both personal and business customers will have a rate of 1.5 per cent for deposit balances of greater than €15,000, an increase of 1 per cent, while the EBS children and teen savings rates will also increase by 1 per cent.

The changes are being put in place with immediate effect, with AIB products available through the bank’s app and online, as well as in branch.

“AIB is delighted to announce significant increases on the returns we are offering to both AIB and EBS savers, including an Irish bank market leading 2 per cent for regular savers,” said AIB managing director of retail banking Jim O’Keeffe.

“We are pleased to make both our savings and fixed term offerings readily accessible via the AIB Mobile App for the first time. Customers can also avail of the new increased saver rates  through our AIB and EBS branch network. We will continue to keep our deposit rates and product offering under review.’’

Ciara O'Brien is an Irish Times business and technology journalist