Fixed Term Deposit Accounts

Features and Benefits

• Competitive rates: Benefit from competitive fixed rates to maximise growth of your savings.
• Application process: Open in branch and also avail of a Savings Review to determine the most suitable account for your needs.
• Guaranteed return: Get peace of mind that your savings are secure and growing, with a guaranteed return at the end of your fixed term on a minimum deposit of €5,000.
• No max limit: After you have lodged your minimum deposit of €5,000, there is no limit on savings and you can make multiple lodgements for the first 14 days after opening the account.
• Simple roll-over process: On maturity, we will automatically reinvest your funds into an Instant Access Account unless you choose to close the account. More details on what happens when the term ends. Instructions for another fixed term can be provided through Open24 Online Banking, by contacting our Deposit Maturities Team, or by visiting your local branch.
• More freedom: There is no restriction to the number of Fixed Term Deposit Accounts you can open which allows you to diversify your savings.

Understanding the Account

• Withdrawal options:
  • You can withdraw your funds within 14 days from the date of account opening without incurring any charges or penalties.
  • If you wish to withdraw your funds after 14 days from the date of account opening or before the term ends, an early withdrawal charge will apply.

• Annual Equivalent Rate (AER): A preview of how much interest you could earn each year if you kept your money in the account for a full year and the interest rate didn't change. 
• Deposit Interest Retention Tax (DIRT): A tax payable on the interest you earn from your Savings or Deposit Account. It is automatically deducted when you receive your funds. However, you may not have to pay DIRT. Further information on DIRT exemptions can be located on the Revenue website.
• Generally interest is paid at the end of the term and is subject to DIRT at the prevailing rate but is subject to change.

More information | Terms and Conditions

When the Term Ends: Next steps

When your Fixed Term Account matures, it will automatically rollover into an Instant Access Account should you not choose an alternative arrangement for your funds. This account will be at a variable interest rate which is currently 0.01% Gross/AER. If you choose to roll the account for another fixed term, you will have 14 days to lodge additional funds or make a withdrawal. 

I want to reinvest my funds

Should you want to reinvest your funds and get the most from your Deposit Account, you can rollover the account for another fixed term by:

1. Logging in to Open24 Online Banking. Follow this step by step guide on how to reinvest your account online. 
2. Contacting our Deposit Maturities Team on 0818 600 209 or +353 1 655 0509. Lines are open from 9am to 5pm, Monday to Friday (excluding Bank Holidays).
3. Making an appointment at your local branch.

I don’t want to reinvest my funds

If you don’t want to reinvest all your funds for another fixed term you can:

1. Withdraw: Transfer your funds to your Current Account, Notice Savings Account, or Demand Deposit Account. (Don't have these accounts? – see step 2).
2. Full balance withdrawal and account closure: To withdraw all your funds and close your account, you will need to attend a branch with valid photo ID and proof of address. Acceptable forms of ID and proof of address.