B of I, First Active join in latest rate increases

Bank of Ireland and First Active have joined in the latest round of interest rate increases. Bank of Ireland's standard variable mortgage rate rises from 4.35 per cent to 4.6 per cent from Monday. The rate of interest on personal and business loans will also increase next week as the bank passes on the 0.25 of a percentage point increase in European Central Bank rates. Some deposit interest rates will also rise. The rate of interest paid on demand deposit accounts with less than £100,000 (#127,064) moves from 0.2 of a percentage point to 0.3 of a percentage point.

First Active is also increasing its mortgage interest rates. Its standard variable mortgage rate increases by 0.25 of a percentage point to 4.63 per cent. The bank is holding its one-year fixed mortgage rate at 4.99 per cent and continues to offer a one-year discounted variable mortgage rate for first-time buyers of 3.99 per cent.