PERMANENT TSB IS increasing interest rates including fixed-term mortgage rates and deposit rates.

The bank is raising interest rates on its suite of home loan fixed rate mortgage products by 0.75%. 

There will be no change for home loan customers are existing fixed rates. There is also no changes to variable rates for new or existing home loan customers. 

Customers who have received an offer letter based on the existing fixed rates will have until Friday, 2 June to complete the drawdown of their loan at the existing rates or prior to their current loan offer expiration, whichever date is the earlier.

As previously announced, customers with offer letters based on the fixed rates that applied prior to 16 January continue to have until 14 April to complete the drawdown of their loans at those rates, or prior to their current loan offer expiration, whichever is the earlier.

The changes announced today follow five rounds of interest rate increases from the European Central Bank, totalling 3%, in recent months.

This is Permanent TSB’s third fixed rate change in the period, with the first change (announced in November 2022) being a weighted average increase of 0.45% and the second change (announced in January 2023) being a weighted average increase of 0.51%.

The bank is increasing the rates paid to depositors as follows:

• For demand deposits, the rate paid on the Online Regular Saver Account for amounts up to €50,000 will increase by 0.35% to 0.75%.
• For notice deposits, the rate paid on the 21-Day Regular Saver Account for amounts up to €50,000 will increase by 0.35% to 0.75%.
• For fixed term deposits. the rates paid on fixed term deposits from 6 months to 5 years will increase by between 0.20% and 0.50%. 

The new deposit rates will take effect from Tuesday, 14 March.