What is a "Fixed Term" Deposit Account?

A Fixed Term deposit account is an account where you invest a lump sum of money with a bank for a fixed amount of time.

What is a "Notice" Deposit account?

A Notice Deposit Account is an account where you place a lump sum on deposit indefinitely.  You are allowed to withdraw funds but you must give th the bank "notice" of you intent to withdraw, usually between 30 days and 90 days.  This means that for 30 day notice account, if you tell the bank that you want to withdraw funds from your account today, you will receive these funds in 30 days time.  These notice periods are generally not negotiable.

What is a "Demand" deposit Account?

A Demand Deposit Account is an account where you place a lump sum on deposit indefinitely.  You can withdraw funds from this type of account on "demand" i.e. once you request a withdrawal you are given your funds immediately.

How much do I have to deposit?

You can deposit any amount that you like.  However, some banks have minimum balances which must be adhered to e.g. €10,000 minimum.

Can I make a deposit in any currency?

Euro, Sterling and US Dollars are the main currencies that Irish banks deal in.

How long to I have to place funds on deposit for?

You can deposit funds for any term from 1 month to 20 months.

What is the difference between a Savings Account and a Deposit Account?

A Deposit Account is an account where you invest a fixed sum for fixed amount of time.  A Savings Account is an account where you accumulate funds by lodging a regular sum weekly or monthly, etc.

What interest rate will I receive?

The longer you deposit for the greater your interest rate will be e.g. a deposit for €1 million for 1 year will attract a larger interest rate than a deposit of €10,000 for 1 week.

How do I open a deposit account?

Simply call into our office and complete a standard account opening form.  You will also need to supply a copy of your passport or driver's licence as proof of identification and a recent utility bill or bank statement as proof of your current address.

Please contact us today in order to obtain current interest rates available.