PTSB said it is reducing interest rates for savers on new personal and business fixed-term variable deposit accounts by 0.5 per cent, effective from April 2.
The adjustment will apply to 6-month, 1-year, 18-month, 3-year, and 5-year fixed-rate deposits, as well as Interest First and Online fixed-term deposit accounts.
Current rates, ranging from 2 per cent to 2.75 per cent, will drop to a range of 1.5 per cent to 2.25 per cent.
The rate changes also affect Notice accounts, with the 21-Day Regular Saver rate falling from 2.5 per cent to 2 per cent, the 40-Day Notice rate from 1 per cent to 0.5 per cent, and the Business 32-Day Notice rate from 2 per cent to 1.5 per cent.
These changes are set to take effect on April 2, except for the Regular Saver and Business Demand accounts, which will be adjusted on June 4.
Holders of existing fixed-term deposit products will retain their current rates until their term expires. This reduction in rates follows the recent decline in European Central Bank interest rates.