Bank of Ireland has announced interest rate increases on deposits and loans which come into effect from the close of business on Tuesday.

Home loans on the standard rate increase from 4.85 per cent to 5.1 per cent, while the investment variable rate increases from 5.35 to 5.6 per cent. Personal overdraft rates go up from 11.5 to 11.75 per cent; personal loans remain unchanged. Business overdraft loans go up from 9.4 per cent to 9.65 per cent, while loan interest remains unchanged.

Interest rates for standard demand deposit accounts are being increased by between 0.1 and 0.15 per cent. Reserve deposit/business surplus rates increase by 0.25 per cent.