We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Alamy Stock Photo

Bank of Ireland increases fixed mortgage rates for fourth time in less than a year

Bank of Ireland said the increase follows ‘cumulative increases of 4% in European Central Bank rates since July 2022′.

LAST UPDATE | 26 Jul 2023

BANK OF IRELAND has increased interest rates on fixed rate mortgages for the fourth time in less than a year.

From today, fixed rates will go up by 0.25% for new and existing customers.

This increase includes customers who are coming to the end of their fixed-rate period and are seeking to re-fix their mortgage, and to tracker rate or variable rate customers who wish to move to a fixed rate.

However, mortgage applicants who already have a credit approval and who draw down their mortgage by 24 August can still avail of previous fixed rates.

Bank of Ireland said the increase follows “cumulative increases of 4% in European Central Bank rates since July 2022”.

It’s anticipated that the European Central Bank is set to raise rates again at its next meeting tomorrow, with observers expecting another 0.25% hike.

Daragh Cassidy, head of communications for, said the increase was “widely expected given the huge increase in rates from the ECB over the past year”. 

However, he said the “hike was lower than expected”.

“Since last July, the ECB has hiked its main lending rate by four percentage points,” said Cassidy. 

“But even after today’s hike, BOI has only increased its fixed rates for new customers by 1.75 percentage points and by even less for existing fixed customers”.”


Cassidy added that the likelihood of another ECB hike tomorrow to 4.25% means “there’s currently a 50/50 chance the ECB will raise rates again in September to 4.50%”.

“This means more rate hikes are almost a certainty from BOI, and indeed all the other lenders, over the coming months,” said Cassidy. 

He said that by the end of the year, “the best mortgage rate on offer in the entire market will probably be over 5%, with the average rate even higher”.

Bank of Ireland is also introducing a new term deposit account for personal and business customers, which will be available from tomorrow.

The interest rate on Bank of Ireland’s SuperSaver account will rise by 0.5% to 2%, while there is a new two-year term deposit account at 2% for personal and business customers.

The fixed rate on new one-year term deposits will also increase by 0.25% to 1.5% for both personal and business customers.

The variable rate on new and existing 31-day notice accounts will increase by 0.47% to 0.5% for personal and business customers.

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.

    Leave a commentcancel