Fixed Rate Saver - FAQs

Q. Who can open a Fixed Rate Saver?

A. Personal customers aged 18 or over can apply.

Q. Is there a minimum amount required to open a Fixed Rate Saver?

A. Yes, a minimum single deposit of £5,000 is required.

Q. What is the maximum amount that can be deposited into a Fixed Rate Saver?

A. £200,000 per account.

Q. What is the maximum number of accounts I can hold?

A. You can hold a maximum of four Fixed Rate Saver accounts at any one time.

(Please note accounts can be held in either sole or joint names.

If the account is held in joint names the signing authority must be ‘either of us’ to sign.)

Q. What terms are available?

A. Details of the range of terms available can be obtained here.

Q. What rate of interest will I receive?

A. Upon investment the applicable rate of interest for the term chosen is applied to the account and is fixed for the term of the deposit.

Interest is calculated daily from the date of receipt of cleared funds and is paid into the account at the end of the term.

Details of the interest rate that will apply to your account are available by contacting us on 0345 600 5204†.

Q. How is my interest taxed?

A. Refer to the Important Information section.

Q. How can I make lodgements?

A. You have two business days including the date of account opening to make a single lodgement to the account.

Lodgements can be made:

- from another account held by you in Allied Irish Bank (GB)

- by cheque or draft to Allied Irish Bank (GB) 92 Ann Street Belfast,  BT1 3HH.

- by electronic transfer from another financial institution.

If you do not make a lodgement to the account during this two day period, the account will close.

At the end of the term, if you decide to reinvest, we will allow you to make an additional single lodgement of £1,000 or more to the account during the 5 business days prior to maturity, providing the total balance does not exceed £200,000.

Q. Can I make withdrawals?

A. No withdrawals are permitted until the Maturity date. Please ensure that you have other sources of income and/or savings to meet your expenditure requirements during the term of this account.

Q. What is a Maturity instruction?

A. If, when you are opening your account, you know what you would like to do with your funds when your account reaches its Maturity date, you can tell us. This is known as a Maturity instruction. You can choose from a number of options.

You can choose to:

- reinvest all your funds for the same term again or you can choose a different term. The applicable interest rate for the term you choose will be applied to your account on the day your account reinvests; Or

- withdraw some of your funds and reinvest the balance. You can choose to withdraw the interest you have earned during the term and/or you can choose to withdraw a specified amount, as long as you ensure that the minimum balance of £5,000 is maintained for reinvestment. The applicable interest rate for the term you choose will be applied to your account on the day your account reinvests; Or

- withdraw all of your funds and close your account.

If, when you are opening your account, you do not know what you would like to do with your funds when your account matures, you can tell us at any time during the term.

Q. If I do not give a Maturity instruction before the Maturity date, what will happen to my account?

A. If you do not give us a Maturity instruction before your account’s Maturity date, your funds will be automatically reinvested for the same term (or a lesser term if the original term is no longer available) at the applicable interest rate for that term on the day of reinvestment.

Q. If my account is automatically reinvested and I am unhappy with this, what can I do?

A. You can cancel your account within the first 14 calendar days following reinvestment. You should contact in writing to Allied Irish Bank (GB) 92 Ann Street,  Belfast, BT1 3HH in order to do so.

Q. How do I change my Maturity instruction?

A. You can change your Maturity instruction at any time during the term up until close of business on the Business Day before your Maturity date by contacting us on 0345 600 5204†. You can also change your maturity instruction online if you’re registered for our Online Banking Service. Simply click on your Fixed Rate Saver Account and follow the on-screen prompts.

Q. Will I receive a statement of my account?

A. A statement for your account setting out details of all transactions will be sent to you upon first lodgement, at reinvestment, on closure, anytime you request one and in line with regulatory requirements.

Q. Can I receive interest on a monthly basis?

A. No, interest cannot be paid monthly.

Q. How do I open a Fixed Rate Saver?

A. Talk to contacting us on 0345 600 5204†. Applications are welcome from both existing and new customers. The Bank will require you to provide suitable identification.