DUBLIN, Ireland: Bank of Ireland has announced that it has raised fixed mortgage rates following a cumulative 3.5 percent rate increase by the Bank of Europe since July.

Additionally, the Bank of Ireland said it would now offer a new term deposit account for business customers.

The new rate will see a 0.5 percent increase for Bank of Ireland's fixed mortgage rates.

Customers of Bank of Ireland have witnessed a 1.5% increase in the bank's fixed rates since July 2022.

The new rate will also apply to customers who are coming to the end of their fixed rate period and are seeking another fixed mortgage mortgage.

However, the bank's variable rates will remain unchanged.

Bank of Ireland also said it will introduce a new one-year term deposit for business customers of 0.5 percent. It will be capped at 250,000 euros.