Bank of Ireland pays €545,000 to young customers over interest rate failure

Irish Times | Sep 15, 2020 at 6:26 PM
  • The bank has also decided to slash the interest rate that currently applies on the savings account from 2.5 per cent annual equivalent rate (AER) to 0.25 per cent from November 13th.
  • On average, the bank has paid €202 in compensation to some 2,700 Bank of Ireland customers impacted by the interest rate failure.
  • Interest rates offered by banks on such accounts now are close to zero given the prevailing lower-for-longer global interest rate environment.