The Irish government is shifting its approach to new savings accounts, moving away from the previously favored Swedish model. This change comes amidst rising competition in the banking sector, particularly from neobanks.
In response to this competitive landscape, the Bank of Ireland has announced a 0.4% increase in the rate on its 12-month term deposit account. Additionally, the bank has raised rates on its savings accounts, signaling a strategic adjustment to attract and retain customers in a rapidly evolving market.