Flexible Business Deposit

A business savings account that offers a fixed rate and the option to withdraw up to 25% of your funds once during the term. You can save £100,000 or more for a term that works for you.

Features and benefits

Choose from a range of fixed terms, from 6 months to 2 years.

Enjoy the certainty of a fixed interest rate for the full duration of your term.

Open your account with a minimum deposit of £100,000, up to a maximum of £10,000,000.

One penalty-free withdrawal of up to 25% during the term.

The deposit must be funded from a BOIUK linked service account.

No further withdrawals or deposits can be made during the term of your account.

Is Flexible Business Deposit right for my business?

This product is right for you if:

  • You want a fixed interest rate.
  • You want the option to make one withdrawal of up to 25% of your funds during the fixed term.
  • You have a minimum of £100,000 to save.
  • You can maintain a minimum balance of at least £10,000.

This product may not be right for you if:

  • You need access to more than 25% of your funds during the term.
  • You want to close the account early or make more than one withdrawal (only permitted in exceptional circumstances and a breakage fee may apply).
  • You want to manage your account online.

What you need to know

Product Name: Flexible Business Deposit






What is the interest rate?

 

6 months12 months18 months2 years
Interest rate

information
Gross Interest Rates means we will not automatically deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC). AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest were paid and added to your account each year.
2.86% Gross / 2.88% AER fixed3.13% Gross / 3.13% AER fixed3.20% Gross / 3.18% AER fixed3.24% Gross / 3.19% AER fixed
  • The rate quoted is indicative and may change. The final rate, which may be higher or lower, will be confirmed at the time the deposit is placed.
  • On the maturity date of the account, if the rate for renewal differs from that quoted, we will provide you with a new summary box and an extra 7 days to decide if the rate is right for you.

Can Bank of Ireland UK change the interest rate?

 

Bank of Ireland UK cannot change the rate during the term. This means that from the start of the term to the end, the interest rate will remain the same.

What would the estimated balance be based on a £100,000 deposit?

 

6 months12 months18 months2 years
Estimated Balance£101,430£103,130£104,800£106,480

These examples are based on a £100,000 deposit and assume no changes to the balance or interest rate within the single terms. This projection is provided for illustrative purposes only and does not take into account a customer’s individual circumstances.

How do I open and manage my account?

 

Eligibility

  • You must be a business customer.
  • Your business must be based in Northern Ireland.
  • Deposit a minimum of £100,000.
  • Deposit a maximum of £10,000,000.
  • You must hold a linked service account, this can be opened at the same time as the Flexible Business Deposit.

Managing your Account

  • You can apply for a Flexible Business Deposit account in a branch or through your Relationship Manager.
  • Manage your account in branch or by contacting your Relationship Manager.
  • Funds being deposited must come from a Bank of Ireland UK account in your business name. This is called a Linked Service Account ‘LSA’. An LSA is a business Bank of Ireland UK current or savings account that we will link to the Flexible Business Deposit account.
  • On the day your Flexible Business Deposit account is opened, we will arrange for the transfer of the deposit from your LSA. There is no charge for this service.
  • You cannot add any more funds, until the end of your fixed term.

If you wish to invest more money, you can open a new Flexible Business Deposit. You will not be able to switch to another product until your term ends.

When your Flexible Business Deposit term ends, your options are as follows:

  • Rollover your funds for another term at the new interest rate.
  • Have your funds returned to you.
  • Move your funds to a new business savings account.

We will contact you before the account matures to outline your options. If we do not receive your instructions by 11:00am on the maturity date, the account will automatically renew for the same term at the new interest rate.
If you change your mind:

  • If you change your mind about depositing your money with us, let us know in writing. We will cancel your Flexible Business Deposit. If you do want to cancel, there will be no charge if you tell us within 14 days of your Flexible Business Deposit being opened.
  • This period of 14 days will be extended to 21 days if there has been a change to the rate since you received your maturity notice.

Can I withdraw my money?

 

  • You can make one withdrawal of up to 25% of your balance during your fixed term. Make sure you do not need more than 25% of these funds before they are invested.
  • Interest is calculated daily, so any withdrawals you make will reduce the total interest earned.
  • You cannot close your account or make any further withdrawals during your fixed term, unless you have special circumstances. You will need to put your request to close or make a further withdrawal in writing, with a good reason. We will review your reason and make the final decision. You may be asked for more information when we do this.
  • You may be charged if you break your term early. This excludes the 14-day cooling off period. We will advise you of any charges up front before your term is broken. More details can be found under ‘Breakage Fee’ in our Flexible Business Deposit Terms and Conditions.
  • If a withdrawal results in the balance of the Flexible Business Deposit falling below £10,000, the full balance plus any interest earned will be moved to your Linked Service Account. Your new interest rate will be the current rate of interest on your Linked Service Account.

Additional information

 

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 the HMRC website.

Start your application online

Step 1

Start your application journey

Provide some basic information to get started. Once you’re done, we’ll send your application pack.

Start Application Online

Step 2

Review, Complete and Return your application

Check your inbox for your application pack. Simply review the documents, complete, and sign the forms, then return them to us using the instructions provided. If you need any help along the way, we’re here to support you.

Step 3

We open your new account

Once we receive your completed forms, we’ll process your application and open your new Business Savings account. We’ll keep you updated at each stage so you always know what happens next.

Contact us

Complete a callback form

We can discuss your needs at a time that suits you.

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Get to know our team

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Useful links

Business savings and deposits rates

Guide to Banking for Business Customers

Foreign Exchange and Treasury Deposits

FSCS Protection

Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Bank of Ireland UK and Post Office. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk