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Select Fixed Term Deposit Account
Substantial sum to deposit?
At certain stages in the growth of your business you may find that you have a substantial sum of money to add to your savings. If you have a lump sum to save and you know that you can put it away for a fixed term, then you can benefit from the security of a fixed rate of interest. With an AIB Select Fixed Term Deposit Account you are putting away your funds for a fixed term to earn interest at a fixed rate.
Minimum balance required.
A minimum investment of €15,000 is required. No maximum balance applies to this account.
Choice of terms.
You can choose a term that suits you from short term (e.g. 1 week, 1, 3, 6 months) to medium term (e.g. 9 months, 1 year, 18 months, 2 years).
If the term of your Account is 6 months or greater, you may make a once-off mid-term withdrawal of up to 10% of the balance, providing the required minimum balance of €15,000 remains in your Account. No further withdrawals are permitted. If the term of your account is less than 6 months, you cannot make a withdrawal from your Account until Maturity. If your business may need more frequent access to funds, this account may not be the most suitable for you.
When you open an AIB Select Fixed Term Deposit Account, the prevailing rate of interest will be applied to the Account and fixed for the term of the deposit. Interest* is paid into the Account at the end of the term. Where the Account has a term in excess of one year, interest is also paid annually on the anniversary date.
At Account opening and during the term of your Account, you can give us Maturity instructions to tell us what you would like to do with your funds at Maturity. You can choose to reinvest, withdraw some of your funds and reinvest the balance or withdraw all of your funds and close your Account.
It is very important to be aware that if you don't give us Maturity instructions, your funds will be automatically reinvested for the same or similar term at the prevailing rate.
If you wish to re-invest your funds at the end of the term (Maturity) for a further term, you may, in the 5 days prior to Maturity lodge additional funds to your Account. The current minimum additional lodgement amount is €1,000.
There are no operating costs associated with the AIB Select Fixed Term Deposit Account, however services charges may apply. For more details on these charges, please refer to the ‘Services Charges’ section within our ‘Business Fees and Charges’ brochure and/or our ‘Schedule of International Fees and Charges’, which are available at any of our branches or on our website, www.aib.ie.
*Interest is subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate where applicable. (For more detailed information, visit www.revenue.ie)