A savings account that’s simple to use. Access your money whenever you need to.
No limits, notice periods or charges for withdrawals.
Easy access to your money.
You need to keep at least £1 in the account. There is no maximum amount.
Interest is calculated daily. We pay this to you twice each year in March and September.
You don’t have to open or maintain a business current account with us in order to open the deposit account.
We pay a single rate of interest on the entire balance.
Product Name: Premium Business Reserve
| Account Balance | Gross/AER Variable The gross rate is the interest rate before the deduction of income tax. 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. |
|---|---|
| £1 or more | 1.40% / 1.40% |
| Less than £1 | 0.00% |
Interest calculated daily. We pay this to you twice each year in March and September.
We have the right to change the interest rate on Premium Business Reserve.
We may change your interest rate for a number of reasons. These are outlined under ‘Interest Rate Changes’ in the Terms & Conditions section of A Guide to Banking for Business Customers Northern Ireland. This can be downloaded from the Useful information section below.
The reason for such change may be one or more of, but is not limited to the following reasons;
reflecting general changes in interest rates,
to respond to the actions of our competitors,
to reflect fluctuations in markets and;
to make sure that we are able to secure income which is adequate to ensuring we meet the requirement of any regulatory body and have sufficient resource to support our business in the interest of all our customers.
If we are changing the interest rate in a way that is to your disadvantage, we will notify you a minimum of 14 days before the change comes into effect. This will only apply where your Account has a balance of £100 or more.
For a deposit of £1,000, the projected balance after 12 months (1.40% interest for 12 months) is £1,014.00.
This projection is based on the assumption that no further deposits or withdrawals are made during the 12 months.
Eligibility
Business Customers can apply for this account.
Opening and managing your account
You need to keep at least £1 in the account. There is no maximum amount.
If you wish to switch in to or out of this account, please ask in a Bank of Ireland UK branch or talk to your Account Manager.
Ways to manage your Account | In Branch |
Speak to your Account Manager | |
Use our online banking channels |
You can withdraw or transfer money from your Premium Business Reserve if you need to. You can do this at any Bank of Ireland branch or online using our online banking channels.
Balances must be cleared funds before they can be withdrawn.
Withdrawals are free of charge.
You don’t need to give us notice to withdraw.
There is no penalty if you choose to withdraw.
Interest is paid gross. This means that we don’t deduct tax from the interest you earn.
Please make sure you read the Terms and Conditions in the Guide to Banking for Business Customers below before applying for this product.
Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £85,000 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 Money and savings accounts under the AA Savings brand provided by Bank of Ireland UK. 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
