ACCBank and National Irish Bank have increased their lending and deposit rates. This follows increases already announced by AIB, Bank of Ireland, Irish Permanent, TSB and First National Building Society.

ACC has raised its standard variable mortgage rate by half a percentage point to 7.95 per cent while interest payments for savers have been increased by between a quarter and a half of a percentage point. The mortgage rate rise means that monthly repayments on a £50,000 20 year mortgage will increase by £15.50 to £423.

ACC savers with demand deposits of less than £5,000 are to get a quarter point increase in interest payments, bringing the rate on their accounts to 0.75 per cent. Interest rates on all other demand accounts are rising by half a percentage point.

NIB has raised its variable mortgage rate by a half point to 7.6 per cent while saving rates have increased by between a quarter and a half of a percentage point.