Updated September 28, 2026 · BorrowCue Editorial Team
Bank of Ireland vs Optimise
Bank of Ireland vs Optimise: the differences
| Compare |  Bank of Ireland |  Optimise |
|---|---|---|
| Initial rate | 3.1%Lower | 6.59% to 26.3% |
| APRC | 3.8%Lower | 12.6% |
| Fixed period | 4 years | 5 yearsHigher |
| Product fee | €150 to €250 | £3,750 |
| Lender type | Direct lender | Broker |
| Maximum loan to value | 90% | Not confirmed |
Same on both: Purpose (Purchase, Remortgage, First time buyer, Buy to let, Equity release).
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Key differences
- Bank of Ireland scores higher overall: 9.4 vs 9.0.
- Founded is lower at Bank of Ireland: 1783 vs 2009.
- Bank of Ireland is licensed in 1 more country.
- Bank of Ireland is available in 1 more country.
- Initial rate is lower at Bank of Ireland: 3.1% vs 6.59% to 26.3%.
- APRC is lower at Bank of Ireland: 3.8% vs 12.6%.
- Fixed period is higher at Optimise: 5 years vs 4 years.
- Support channels: only Bank of Ireland offers Chat, Help centre, Community.
- Support channels: only Optimise offers Email.
Our verdict on each
Bank of Ireland
Bank of Ireland suits borrowers in the Republic of Ireland who want a mortgage and a personal loan from one long established bank, with a variable personal loan rate starting at 7.1% to 8.9%.
Optimise
Optimise is a UK broker for property-backed lending, built for homeowners whether mortgaged or owning outright, and for borrowers with a poorer credit history. Borrowing of £10,000 to £500,000 is available at 9.49% to 12.6% APR, with terms of 36 to 360, though a broker fee of 0% to 12.5% can be added on completion.
Score breakdown
| Area | Bank of Ireland | Optimise |
|---|---|---|
| Cost | 9.3HigherPersonal loan fee is 0 EUR - no arrangement fee and variable rate of 7.1% to 8.9% sits under the 12% site median. | 9.2 |
| Offer | 9.2Fixed mortgage hold is 4, lower than the 10 median fixed period. | 9.3HigherOffer strength comes from a secured loan with soft prequalification at soft prequal, so property carries the risk instead of a hard credit check. |
| Trust | 9.6Higher | 8.6 |
Availability and regulation
| Country | Bank of Ireland | Optimise |
|---|---|---|
| United Kingdom | Financial Conduct Authority 724841 Information Commissioner's Office Z1952834 | |
| Ireland | Not confirmed |
Available in 1 country for both. Additional countries for Bank of Ireland: 1.
Choosing between them
Pick Bank of Ireland if initial rate and aprc matter most.
Pick Optimise if fixed period matter most.
Where these facts come from
Bank of Ireland
- personalbanking.bankofireland.com: 6 facts, checked September 26, 2026
- bankofireland.com: 4 facts, checked September 26, 2026
- en.wikipedia.org: 1 fact, checked September 26, 2026
Optimise
- optimisefinance.co.uk: 10 facts, checked September 26, 2026
How they place
| Ranking | Bank of Ireland | Optimise |
|---|---|---|
| Personal loans | 258 of 1932 | 691 of 1932 |
| Mortgages | 42 of 719 | 248 of 719 |
| Remortgage deals | 26 of 351 | 177 of 351 |
| Equity release | 2 of 32 | 13 of 32 |
Every fact side by side
| Fact | Bank of Ireland | Optimise |
|---|---|---|
| Legal entity | Bank of Ireland Group plc | Optimise Finance |
| Headquarters | Ireland | United Kingdom |
| Founded | 1783Lower | 2009 |
| Support channels | Phone, Chat, Help centre, Community | Email, Phone |
Loans
| Fact | Bank of Ireland | Optimise |
|---|---|---|
| APR | 7.1% to 8.9%Lower | 9.49% to 12.6% |
| Loan amount | €2,000 to €75,000 | £10,000 to £500,000 |
| Term | 12 to 60 months | 36 to 360 monthsHigher |
| Arrangement fee | 0 EUR - no arrangement fee | No upfront fees; broker fee added on completion (up to 12.5% of secured loan) |
| Credit check | Hard | Soft prequal |
| Funding time | 24-48 hours after signed credit agreement | Funds typically released within two weeks |
| Representative example | Personal loan of EUR20,000 over 5 years at 6.9% variable, 7.1% APR, monthly repayment EUR394.71, cost of credit EUR3,682.60 | Borrow 30,000 over 180 months at 9.25% fixed for 5 years then 9.75% variable; 12.6% APRC, total payable 64,878.60 incl. broker fee 3,750 and lender fee 600 |
| Pricing model | Not confirmed | Fixed rate |
| Rate type | Variable | Variable |
| Free early repayment | Yes | Not confirmed |
| Eligibility | 18 years of age or over, resident in the Republic of Ireland, and an existing Bank of Ireland current account customer registered for 365 online to apply online | Homeowners (mortgaged or own outright); employed, self-employed, retired or benefits-based incomes; all credit scores considered |
| Origination fee (%) | 0% | 0% to 12.5% |
| Loan types | Personal, Car, Student | Secured, Personal, Debt consolidation, Business, Bridging |
| Credit needed | Not confirmed | Poor |
| Use cases | Not confirmed | Home improvement |
Where each stands against the rest
| Fact | Bank of Ireland | Optimise | Median |
|---|---|---|---|
| Initial rate | 3.1%lowest quarter | 6.59% to 26.3%highest quarter | 4.425% |
| APRC | 3.8%lowest quarter | 12.6%highest quarter | 5.04% |
| Fixed period | 4 yearsbelow the median | 5 yearsbelow the median | 10 years |
| Maximum loan to value | 90%at the median | Not confirmed | 90% |
Median across 238 listed lenders.
Pros and cons
Bank of Ireland
Pros
- No arrangement fee on the personal loan: 0 EUR - no arrangement fee
- Variable personal loan rates of 7.1% to 8.9%, below the 12% site median
- A direct lender rather than a broker, so you deal with the lender itself
Cons
- Applying online needs an existing current account with a waiting period of registered online use
- A hard credit check applies, while 72.7% of lenders on the site also use one
- The fixed mortgage period of 4 sits below the 10 median for mortgage products
Optimise
Pros
- Loans of £10,000 to £500,000 at 9.49% to 12.6% APR, with terms running 36 to 360.
- A fixed rate for 5 before the pricing changes, which suits planned work.
- Every credit score is considered, and the credit profile that fits is poor, so a thinner file is still workable.
Cons
- A broker fee of 0% to 12.5% is added on completion, so the total cost sits above the quoted rate alone.
- The eligibility criteria cover property owners, mortgaged or outright, which narrows the pool of applicants considerably.
- Money moves slowly: Funds typically released within two weeks, so this is no route to funds in the same week.
Who each suits
Bank of Ireland
Who it suits
- Existing Bank of Ireland current account customers in the Republic of Ireland looking for a mortgage
- Borrowers who want a personal loan with no arrangement fee and free early repayment
- People who prefer dealing with the lender directly rather than through a broker
Who should look elsewhere
- Borrowers wanting a long fixed mortgage period, since 4 is short against the market
- People without an existing Bank of Ireland current account, who cannot apply online
- Anyone wanting a fixed rate on a personal loan, because variable applies
Optimise
Who it suits
- Homeowners with a mortgage or a home owned outright, funding home improvement work.
- Borrowers whose credit profile is poor, since all credit scores are considered.
- Employed, self-employed, retired and benefits-based earners in the UK.
Who should look elsewhere
- Renters and first-time buyers with nothing to pledge: eligibility is limited to homeowners who are mortgaged or own outright.
- Borrowers chasing a quick fix, because Funds typically released within two weeks sets the wait.
- Readers who want a lender's own rate table: Monzo Flex publishes 10% to 23% directly, an easy side by side check.
Current offers
Bank of Ireland
Current offer
Bonus
Cashback Plus on new mortgage drawdown: Up to 3% of mortgage drawdown (2% after drawdown, 1% after 5 years)
For first-time buyers, movers and switchers drawing down a new mortgage on qualifying fixed rates. Not available on High Value Mortgage fixed rates or standard variable rate; additional 1% not available for buy-to-let or equity release. Terms and conditions apply.
Source, checked September 26, 2026
Country by country
| Country | Bank of Ireland | Optimise |
|---|---|---|
| Ireland | Yes | No |
| United Kingdom | Yes | Yes |
Questions about each
Bank of Ireland
What is the arrangement fee on a Bank of Ireland personal loan?+
The personal loan carries 0 EUR - no arrangement fee, so there is no arrangement fee to pay when the loan is taken. The percentage fee is 0%. The variable rate behind the loan runs 7.1% to 8.9%, and early repayment is free if you want to clear the balance sooner.
How does the Bank of Ireland personal loan compare with the site median?+
The variable rate of 7.1% to 8.9% sits below the 12% median APR across lenders on the site. Borrowing runs €2,000 to €75,000 over 12 to 60, which is a larger ceiling than the €876.96 median amount on the site.
Optimise
What rate will I pay, and what does the APR include?+
Advertised rates run 9.49% to 12.6% APR, and the worked example is shown at 12.6% APRC. The APRC is the figure that folds in the broker and lender fees, so it is the better number to compare, while the rate itself is what drives the monthly payment.
Is there an arrangement fee or upfront charge?+
There are no upfront fees. What you pay is a broker fee added on completion of 0% to 12.5%, plus lender fees, and the homeowner loans page quotes a product fee of £3,750. The cost does not appear in your first payment, so the completion stage is where it lands.