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What is a savings account?
A savings account is a bank account where you can keep your money safe and also make it grow. The purpose of a savings account is to help you save money for things you might need in the future or unexpected situations.
When you put your money in a savings account, we pay you interest. We add it to your savings account every year in March.
The money you put in a savings account should be money you don't need right away. By saving and earning interest, you can watch your money grow and reach your goals over time.
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How does a savings account work?
With a savings account, you can add your money and make it grow. We will pay you interest for keeping your money with us.
The interest you earn is based on how much money you have in your account and the interest rate we set. The more money you have in your account the more interest you will earn.
With the KidSave and Classic Saver, you can add more money to your account whenever you want. If you need your money, you can take it out, but be sure to check our terms and conditions first. You can find them here.
With the Fixed Term Deposit and Limited Edition Fixed Term Deposit, you will not be able to add more money once you have made your deposit, nor will you be able to withdraw it before the fixed term has ended.
- How to open a savings account?
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What documents do I need to open an account?
By law we need to confirm your identity and address. A list of documents we can accept can be viewed here. We may also carry out an electronic check to verify you. More details can be found in our Privacy Notice.
- How to calculate interest on savings account?
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What happens to the interest I earn?
Any interest you earn on your savings will be added to your account in March each year. All interest is paid gross based on current law and HMRC practice. This may change without notice. You will be kept informed of any changes.
Further information is available from the HMRC GOV.UK website.
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Does opening a savings account affect your credit score?
When you have a savings account, it doesn't affect your credit score directly. Savings accounts are not like credit accounts. They aren't reported to the companies that keep track of credit information, and they don't affect how your credit score is worked out. Your credit score is mainly based on how you handle credit products like loans, credit cards, and mortgages. However, having a good savings account and being responsible with your money can indirectly help your creditworthiness. It shows that you are financially stable and prepared for unexpected expenses or paying off debts.
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What is the minimum age requirement to open a savings account?
Our Classic Saver is designed for those aged 12 and above. An account opened for a child aged 12 to 16 needs consent from their parent. We will need proof of identity and address for both the child and parent.
Our KidSave account is designed for children aged 0-11. The account must be in the sole name of the child. All KidSave accounts must be opened and operated by the adult representative on behalf of the child. The adult representative must hold parental responsibility for the child.
Our Limited Edition Fixed Term deposit is designed for any age. An account opened in the name of a child under the age of 16 must be opened and operated by an adult representative on behalf of the child until the child attains the age of 16. The adult representative must hold parental responsibility for the child. Once the child has attained this age, only the child can operate the account.
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What documents are required to open a savings account?
To open a savings account we will ask for proof of identity and proof of address. This is because we have certain legal responsibilities to fulfil.
Where the account is opened and managed by an adult representative or where parental consent is required, we will need proof of identity and address for both the parent and the child.
A list of acceptable documents can be found here.
- Can I open a savings account online?
- Are there any fees associated with a savings account?
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Can I withdraw money from my savings account at any time?
There is no limit on the number of withdrawals you can make from a Classic Saver or KidSave account.
You cannot withdraw or transfer money from your Limited Edition Fixed Term Deposit once it is open. Make sure you do not need the money during this time. If you want to pay in more money, you can open a new account.
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Are joint savings accounts available? How do they work?
Yes, joint accounts are available if both parties are over the age of 18. You can find more details in our Terms and Conditions for Savings Accounts document.
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Are there any restrictions on using a savings account for business purposes?
The KidSave, Classic Saver, Fixed Term Deposit and Limited Edition Fixed Term Deposit accounts are intended for personal use only. We offer a range of products for business purposes.
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Can I use my savings account for international transactions?
Savings accounts can be used for international transactions. Daily and/or transaction amount limits apply and are advised when you use the service. To find out more, refer to our Guide To Personal Banking.
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Can I open a savings account if I have bad credit?
Yes, you can open a savings account with us if you have bad credit. Unlike loans or credit cards, savings accounts do not involve credit and so we do not perform a credit check when opening a savings account.
- What is the process for closing a savings account?
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What is a KidSave Account?
A KidSave Account is a special type of savings account designed for children who are aged 0-11 years. It's designed to help kids learn about the importance of saving money.
All KidSave accounts require an adult representative. The account must be opened and operated by the adult representative on behalf of the child. The adult representative must hold parental responsibility for the child. Proof of identify and address will be required for both the child and the adult.
- How much is needed to open a KidSave Account?
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Can interest be earned on a KidSave Account?
Yes, the KidSave Account earns interest. The interest rates for a KidSave Account can change from time to time, so they are called variable rates. To find out the current interest rates, you can view them here.
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How is the interest calculated and paid?
Every day the bank calculates how much interest a customer will earn based on the money they have in their account at the end of the day. The interest is added up over a whole year and is paid once a year in March. The interest a customer receives is paid to them before any tax are taken out, so it's called 'gross' interest.
- Are there any limits on withdrawals from a KidSave Account?
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How is a KidSave Account managed?
A KidSave Account will be opened and managed by an adult representative. The adult representative must hold parental responsibility for the child. The account can be managed at any Bank of Ireland UK branch.
- Can I open a KidSave Account online?
- What happens if the account is not funded within 30 days?
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Can I cancel the KidSave Account if needed?
Yes, you can cancel a KidSave Account within 14 days of opening it. If you decide to cancel the account within this period, the money will be returned in full along with any interest it has built up.
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Can an adult representative operate the account on behalf of a child?
All KidSave accounts need an adult representative. The account must be opened and operated by the adult representative on behalf of the child. The adult representative can only be the person who holds parental responsibility for the child. Proof of identity and address will be required for both the child and the adult representative.
- Are there any fees or charges for withdrawals?
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Is there any proof of identity required to open a KidSave Account?
Yes, proof of identity and address are required for both the child and the adult representative when opening a KidSave Account. This is to ensure the security and validity of the account.
- Is there a maximum limit on the amount I can save in a KidSave Account?
- What is the Classic Saver Account?
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What are the features of the Classic Saver Account?
- Easy access to your savings anytime.
- No limit on how much you can save.
- Interest added every year in March.
- No limit on the number of withdrawals you can make.
- Manage your account online, on a mobile app, by phone or at a branch.
- What is the minimum amount required to open a Classic Saver Account?
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How is the interest calculated and paid?
Every day, the bank looks at how much money you have in your account. They calculate how much interest you earn based on that amount. They add up all the interest you earn over the whole year and give it to you once a year. This usually happens in March. The money you get as interest is called 'gross' interest because it's given to you before any taxes are taken out.
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Can the interest rate change?
We have the right to change the interest rate on Classic Saver. The reasons we may change your rate could include the following:
- Changes to the Bank of England Base Rate or market rates
- Legal or regulatory developments
- Business reasons
- Are there any fees or penalties for withdrawals?
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How can I deposit or withdraw money from my Classic Saver Account?
You can deposit, withdraw, or transfer money to and from your account using any of the following methods:
- Visiting any Bank of Ireland UK branch
- Using the banking app or 365 online service
- Making a telephone request
- Can I cancel my Classic Saver Account?
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What is a Limited Edition Fixed Term Deposit?
A Limited Edition Fixed Term Deposit is an account that guarantees you a fixed return. The account has a fixed term and a fixed rate. You can choose to save your money for 6 months, 12 months or 2 years. At the end of your term the bank will give you the money back, along with the interest you have earned.
- How can I apply for a Limited Edition Fixed Term Deposit?
- What is the minimum and maximum deposit amount for a Limited Edition Fixed Term Deposit?
- Can I make additional deposits during the fixed term?
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Can I withdraw money from the Limited Edition Fixed Term Deposit before the end of the term?
You're not allowed to take out your money before the time period ends. But in special cases, if you're allowed to take some or all of the money out after the 14-day cooling-off period, you'll have to pay a fee. The fee depends on how much you take out and is calculated when you withdraw the money. The minimum fee is £25. If the interest you earned on your deposit is not enough to cover this fee, you might get back less money than you initially put in.
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When will the interest be paid, and how is it taxed?
All interest is paid gross at the end of the term. This is based on current law and HMRC practice which may change without notice. You will be kept informed of any changes. Further information is available from HMRC - www.hmrc.gov.uk.
- What are the interest rates for the Limited Edition Fixed Term Deposit?
- Can the interest rate change during the term?
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What happens when my Limited Edition Fixed Term Deposit matures?
When your Limited Edition Fixed Term Deposit reaches the end of the chosen time period, you have different options for what to do with the money. You can choose to receive the funds, reinvest them in something else, or move them into a new account with the current interest rate. If you don't let us know your decision by 11:00 am on the maturity date, we will automatically reinvest the money for the same duration of time at the interest rate available on that day.
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Are there any fees for cancelling the Limited Edition Fixed Term Deposit?
If you wish to cancel your Limited Edition Fixed Term Deposit, you can tell us in writing within 14 days of opening the account, and there will be no charge for cancellation. If you want to cancel after this time period, we will only grant your request in special cases. You may have to pay fees for cancelling.
