Classic Saver

A simple, convenient way for you to save. Access your savings whenever you want.

A young couple using laptop sitting on a sofa

Why Choose Classic Saver?

Open an account with as little as £1

Save as much as you want

Interest rates can change

Get paid interest every March

Online Access

Withdraw any time

Is Classic Saver right for me?

This product is right for you if:

  • You want easy access to your money.
  • You want to add to your savings on a regular basis.
  • You want to manage your account online, via telephone or in the branch.
  • You are aged 12 or over.

This product may not be right for you if:

  • You don’t live in the UK.
  • You want a fixed interest rate over a fixed period.
  • You need an account for day to day banking.
  • If you are younger than 12 years old.

Summary Box

Product Name: Classic Saver






What is the interest rate?

Annual interest option

Account BalanceGross variable


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). A variable rate of interest means the interest rate may go up or down.
AER Variable


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. A variable rate of interest means the interest rate may go up or down.
£1 or more1.55%1.55%
Less than £10.00%0.00%

Interest is worked out daily on your closing balance and is paid annually in March.

Can Bank of Ireland UK change the interest rate?

We might adjust the interest rate for the Classic Saver account. When you’re about to open your account, we provide you with the Personal Savings Terms and Conditions. In Section 10 of this document, you’ll find the reasons why we might change your interest rate.

One reason is that the Bank of England Base Rate or market rate might change. There could also be other business-related, legal, or rule changes. You can find the Terms and Conditions on our website if you want to read them.

If the interest rate is going to be less helpful for your savings, we’ll inform you in advance. We’ll send you a letter at least 14 days before the change, as long as you have £100 or more in your account.

What would the estimated balance be based on a £1,000 deposit?

Estimate Balance£1,015.50

For a deposit of £1,000, the total after 12 months (1.55% interest for 12 months) would be £1,015.50. This example assumes no changes to the balance of the account or the interest rate within 12 months.

This is an example only and does not reflect a customer’s individual circumstances.

Eligibility

  • Classic Saver is available to personal customers aged 12 and above who are a resident in the UK.
  • Minimum balance to open the account is £1 and this must be maintained.
  • There is no maximum balance limit.

Opening and managing your account

  • You can open your account online.
  • You can manage your account online, in branch, by phone or in writing to us.
  • If your account is not funded within 30 days, we may close your account.
  • An account opened for a minor age 12 to 16 needs parental consent. Proof of identity and address will be required for both the child and parent.

If you wish to switch in to or out of this account, please enquire in a Bank of Ireland UK branch.

Classic Saver offers you the ability to make withdrawals.

  • All withdrawals should be against cleared balances.
  • Withdrawals are free of charge.
  • There is no limit on the amount of withdrawls you can make.

You can withdraw or transfer money to/from your account using any of the following methods:

  • At any Bank of Ireland UK branch.
  • By telephone or using our banking app or 365 online.

Additional Information

Interest is paid gross.

You can cancel the account within 14 days of opening and your money will be returned in full with interest.

This Summary Box does not include our Terms and Conditions for this product. Please make sure to read the Terms and Conditions below before applying for this product. You can also find the summary box in our Sound financial thinking brochure below.

How To Apply

It’s as easy as 1, 2, 3

Step 1

By applying you confirm that you have read and understood all sections of the summary box and the important documents for this product.

You will need between 5 and 20 minutes to complete the application form.

Apply Online

Step 2

Give us some information

  • We want to know about you
  • We will review your details at the end

Step 3

We make a decision

  • We can usually open your account within 1-2 days
  • If we cannot open an account for you, we will tell you why
  • You will need to fund your account within 30 days

All done!

Now you can manage your savings

Important Documents


Savings Account Terms & Conditions


Guide to Personal Banking


Schedule of Service Charges for Personal Customers


Interest rates no longer available to new customers


Deposit Information Sheet


Sound financial thinking for personal customers

FSCS Protected

FSCS Protection

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. 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

How to manage your account

Getting set up on 365 digital and phone is now easier than ever before.
This is available to customers aged 14 and above.
Get set up in four simple steps:

Step 1

Call us on 03456 006 552. Have your account number to hand.

Step 2

Answer some simple questions relating to you and your account to verify your identity.

Step 3

Set up your PIN. Our agents will tell you how to set up your own unique PIN and will then give you your user ID and register your mobile phone for security codes; this is important for online activities such as setting up and authenticating payees.

Step 4

You can then login to 365online.com or download our mobile app and start banking online straight away!

FAQs

I’ve changed my mind about opening a Classic Saver account. Can I cancel?

Yes, you can cancel your account within 14 days of opening it. Your money will be returned in full with any interest you have earned.

How do I withdraw and transfer money?

You can withdraw and transfer money at any Bank of Ireland UK branch , by telephone, using our banking app or via 365 Online.
Withdrawals are free of charge. There is no limit on the number of withdrawals you can make and there are no penalties for taking out your funds.

How is interest paid?

Interest is calculated daily on your closing balance. We pay interest every year without any tax deductions. It is paid in March. You can view information about interest rates here.

How much can I save?

There is no limit to the amount you can save with the Classic Saver account. That being said, you will need to keep a minimum of £1 in your account. If you do not, your account may be closed.

How can I access my savings?

You can withdraw or transfer money to/from your account using any of the following methods:

⦁ At any Bank of Ireland UK branch

⦁ by telephone on 03456 006 552

⦁ or register for 365 Online.

Can I open an account for a child?

A child aged 12-16 years qualifies for a Classic Saver account and can operate it on their own but require parental consent for the account to be opened.
For a child aged 0-11 our KidSave account would be suitable.

How can I get in touch?

You can visit a local branch, click here to find your closest.
Or you can call us on 03456 006 552