Premium Business Reserve

What is the interest rate?

Interest is calculated daily. We pay this to you twice each year in March and September.

Can Bank of Ireland UK change the interest rate?

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.

What would the estimated balance be after 12 months based on a £1,000 deposit?

This projection is provided for illustrative purposes only and does not take into account a customer’s individual circumstances.

For a deposit of £1,000, the projected balance after 12 months (1.70% interest for 12 months) is £1,017.00.

This projection is based on the assumption that no further deposits or withdrawals are made during the 12 months.

How do I open and manage my account?

Eligibility

Business Customers can apply for this account.

Opening and managing your account

• You need 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.

Can I withdraw money?

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• Balances must be cleared funds before they can be withdrawn.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.

Additional information

Interest is paid gross.  This means that we don’t deduct tax from the interest you earn.