Money Desk Deposit
Receive a fixed interest rate linked to money markets
The need to knows
- Available to both new and existing customers
- You need to be 18 or over and resident in the Republic of Ireland to apply
- A range of terms are available from 1 week to 2 years
- No lodgements or withdrawals throughout the term
- Minimum balance is €15,000
- Maximum balance is €500,000 for terms less than 2 years and €1m for terms of 2 years or more
- The min/max balance, along with other qualifying criteria and/or terms and conditions may vary
- Applications can be made in the branch
- Early termination may only be possible in exceptional circumstances and will incur a loss of interest. Details of this are available here
- Ulster Bank reserves the right to remove this product from sale at any time
- Terms and conditions apply
Under current legislation, the effective DIRT rate is 35% up to 31 December 2019, 33% from 01 January 2020
You will need an instant access account with us in the same name as the Money Desk Deposit.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 Money Desk Deposit, 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 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 Money Desk 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.
You can find out more about the Deposit Guarantee Scheme by:
testVisting the Deposit Guarantee Scheme website
testCalling 1890 777 777