Irish Nationwide Building Society had been competing hard in the fixed-rate deposit market. It had been paying 6pc for money on deposit for six, nine and 12 months, but has now cut that to 5.25pc.
Bank of Scotland had been paying 6.25pc fixed for six months, and 6pc for three months for amounts over €100,000. The new rate is 5.5pc for six months and 5.25pc for three. Its sister bank Halifax said that from this week it will pay 5pc on three-month deposits, down from 5.65pc, and 5.6pc on money deposited for a year, reduced from 5.9pc.
First Active has reduced the rate it pays on a number of other savings products.
Its
eSavings account will see its interest rate reduced today from 5.22pc to 4.75pc for amounts up to €15,000. For amounts over that the entire amount will now attract a rate of 3.8pc, down from 4.33pc.
AIB is cutting the rate it pays on its Seven Day Online account by 0.48 percentage points to 4.5pc for amounts up to €10,000, and from 3.75pc to 3.25pc for amounts over €10,000.
Fixed rates being offered by Irish Nationwide are also coming down.
Regular savers have also been hit, with Irish Nationwide set to cut the rate it offers coming down from 7.6pc last month to 6.6pc at the moment.
EBS Building Society has reduced its regular saver rate by 0.5 percentage points to 7pc, while AIB's regular saver rate is down to 6.5pc.