Irish millionaires to receive Bank of Ireland notifications this week advising of “negative interest rates” on their savings. The less well off are fearing the worst expecting negative interest rates to be rolled out to all customers regardless of amount in savings.
Bank of Ireland have been sending notifications to all their customers this week. The notification informs all their personal customers that changes have been made to allow Bank go Ireland to negative interest rates, positive interest rates and zero interest rates to some personal savings accounts.
The notification states that from 6th August 2021 Bank of Ireland are changing the terms and conditions on some personal current accounts and personal deposit accounts to reflect that they can apply negative interest rates as well as positive and zero interest rates to these accounts. Bank of Ireland go on to say that later this year, they intend to apply negative interest to personal customers with – on average – more than €1 million on deposit across all a customers accounts.
Last year, Bank of Ireland announced they were going to apply negative interest rates to some small business accounts.
Tell us your thoughts in the Facebook post and share this with your friends.