AIB has become the latest bank to increase its interest rates on certain savings products, as well as on EBS saving accounts.
The move comes amid growing calls for the benefit of European Central Bank rate increases to be passed on to savers.
Increased deposit rates of up to 3% for both Regular Savers and AIB Fixed Term accounts were announced today.
AIB said its Online Saver product will now offer a 3% return from €10 to €1,000 a month for 12 months.
It is also increasing all of its Fixed Term deposit rates for personal and business customers.
Its two year Term Deposit account will rise to 3%, its one year Term Deposit account increase to 2.5% and its six month Term Deposit account increase to 1.5%.
The bank’s Junior and Student Saver rates and the EBS Family Savings rate are increasing to 3%, and the EBS Children & Teens Savings rates are increasing to 2.5%.
Meanwhile, the interest rate on its Online Notice 7 Deposit account is increasing to 0.75%, with the AIB Demand Deposit account and EBS Instant Access account rates increasing to 0.25%.
AIB said its Fixed Rate changes will be available from September 12, with all other rate changes available from September 19.
AIB’s Head of Products Elaine Downey said the bank was pleased to announce another increase on the returns to AIB and EBS savers across Regular Saver, AIB Fixed Term and Demand deposit products benefiting all of its deposit customers.
“We encourage all customers to review our savings and deposit offerings to see how they can earn more on their savings,” she added.
Earlier this week, both Permanent TSB and Bank of Ireland announced a series of rate changes to their suite of deposit products.