Allied Irish Banks is reducing its one-year fixed rate for first time buyer owner occupiers to 2.40%.
Allied Irish Banks (AIB) has said that this rate will be available for all first time buyer owner occupier mortgages sanctioned by June 30, 2009 and drawn down by September 30, 2009.
AIB has also announced changes to its lending and deposit rates, following the European Central Bank (ECB) interest rate reduction of 0.50%.
On the mortgage side, the standard variable rate for owner occupier mortgages decreases by 0.50% to 2.75%. The standard variable rate for residential buy-to-let mortgages decreases by 0.25% to 4.20%. All ECB tracker related mortgages decrease by 0.50%. AIB is also reducing its three-year fixed rate for owner occupiers from 3.35% to 3.10%.
The bank has noted that the personal loan and overdraft rates for personal customers remain unchanged. The bank’s standard variable AA loan rate for business loans decreases by 0.50%. The bank’s AA overdraft rate for business customers also decreases by 0.50%.
The bank’s high interest current account rate reduces by 0.50% to 1.75% annual equivalent rate (AER).
On the deposit side, the rate on the Access 30 account for amounts under E100,000 increases to 2.50% AER. The Access 30 account for amounts from E100,001 to E2m reduces to 3.50% AER. The online Personal Savings Plan rate remains unchanged at 2.75% AER. The online Notice 7 account rate on balances up to E10,000 also remains unchanged, at 3.75% AER. The rate on the Parent Saver account decreases by 0.50% to 7.75% AER. The Regular Saver rate decreases from 5.25% AER to 5% AER. Special Term account rates are also reduced — in the case of the three-year account to 2.10% AER and in the case of the five-year account to 2.50% AER.
