National Irish Bank (NIB) and ACCBank are the latest to cut variable interest rate mortgages. NIB reduced its variable rate mortgage for both existing and new customers by one percentage point, bringing them to 6.1 per cent and 5.1 per cent respectively. The changes will be effective from the close of business on November 17th.
The bank also cut its key business lending rate by one percentage point to 8.65 per cent, while the APR on credit cards will be reduced to 19.6 per cent from 22.4 per cent with effect from the close of business on November 24th. NIB also reduced its deposit rates. ACC cut its standard variable mortgage rate by 0.75 percentage points to 6.45 per cent while the discounted rate fell by a similar amount to 5.95 per cent.
It also cut its farming and commercial loans and deposit rates by varying amounts.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)