Fixed Term Deposit
Deposit a lump sum for a fixed term
With a Fixed Term Deposit account, your funds are placed on deposit for a fixed period of time and for a fixed rate of interest. You are unable to lodge additional funds or make a withdrawal throughout the term. A Fixed Term Deposit offers you:
Save over a fixed term, with a guaranteed rate. This means you know in advance how much interest your deposit will earn
Choose a term that suits, from 6 - 36 months
All returns are subject to Deposit Interest Retention Tax (DIRT). Under current legislation, the effective DIRT rate is 39% up to 31 December 2017, 37% from 01 January 2018
You will need an instant access account with us in the same name as the Fixed Term Deposit account. The instant access account will be used for processing funds placed on and maturing from your deposit account, together with interest due to you. If you already operate an instant access account (i.e. an account that does not require notice of withdrawal), with us in the same name as the Fixed Term Deposit account, you can use this.
You will not incur any additional charges for using your instant access account as a feeder account; existing charges may still be applied as set out in A guide to personal accounts fees and interest. If you do not operate an account with us in the same name as the deposit account, you are required to open an alternative account, called a Service Account.
You are not required to use the Service Account for purposes other than processing your Fixed Term Deposit account. There are no charges on a Service Account. If at the end of the fixed term you wish to withdraw funds from the Service Account, you will be required to visit your local branch. The terms and conditions of the Service Account are outlined in Personal banking terms and conditions.
Who can open an account?
Anyone over 18 and resident in the Republic of Ireland can open a Fixed Term Deposit account
What happens to my savings after the agreed term ?
• For terms of 1 year or less, at maturity your funds plus interest earned will be rolled over for the same term on the rate applicable at that time, unless alternative instructions are received.
• For terms greater than 1 year, at maturity your funds plus interest earned will be returned to your instant access account.
How do I access my savings ?
Withdrawals are not permitted during the term. Where you instructed us not to reinvest your funds at maturity (terms of 1 year or less) or where your funds have matured (terms greater than 1 year), the balance plus interest earned will be returned to your instant access account. Your instant access account can be accessed online, by mobile banking, telephone banking or in branch.