AIB today announced changes to its lending and deposit rates, with effect from close of business Tuesday, 18th November 2008. This follows the ECB interest rate reduction of 0.50% to 3.25%, which was announced on 6th November 2008.
On the mortgage side, the Standard Variable rate for Owner Occupier mortgages decreases by 0.50% to 4.50% and for Buy-to-Let customers by 0.50% to 4.70%. ECB Tracker related mortgages decrease by 0.50%.
Overdraft rates for personal and business customers decrease by 0.50%. The bank’s standard variable 'AA' loan rate for Business Loans also decreases by 0.50%. The bank’s standard variable ‘A’ loan rate remains unchanged.
On the deposit side, AIB Bank says it "continues to offer excellent rates" for both savers and investors. The rate on the Parent Saver Account at 9.50% (AER) is down 0.50%.
The Online Notice 7 Account rate on balances up to €10,000 is reduced by 0.48% to 4.50% (AER).
The Regular Saver rate decreases from 7.00% (AER) to 6.50% (AER). Special Term Account rates are also reduced - in the case of the 3 year account to 3.85% (AER) and in the case of the 5 year account to 4.25% (AER).
