Deposits

For clients who do not wish to invest in equity or property based funds we offer a range of deposit options. Our main deposit providers are Investec, Permanent TSB and Anglo Irish Bank although we can make arrangements with other providers at your request.
 

Fixed Term Deposits and Notice Accounts

Deposits are placed with banks for a particular length of time. These are called fixed term deposits and the interest payable is credited to the principle at the end of the term. The most popular fixed term periods range from one month up to 2 years. Other options include notice accounts which require the deposit holder to provide a certain amount of notice before withdrawing funds.  Interest is usually paid on these at the end of each calendar year.
 

Can I withdraw my funds?

It is generally not possible to withdraw funds from a fixed term deposit during the term. Withdrawal rules vary from bank to bank and sometimes penalties will apply.  Some banks will allow depositors to withdraw a certain amount from the account without paying a penalty.
 

Long Term Deposits

It is not advisable to leave large sums of money in current accounts for long periods of time because they usually do not pay any interest.

Deposit Protection

Recently people have become concerned about the safety of money placed in bank accounts. Subsequently there are a number of schemes in place to protect deposit holders should their bank run into difficulties.

Deposit  Guarantee Scheme

This scheme covers all amounts up to €100,000 if your deposit is held in a regulated institution which is covered by the scheme. This scheme does not have an end date and applies per person, per institution.  This means that for a joint account up to €200,000 will be covered by the scheme, €100,000 per individual.

Government Guarantee Scheme

Deposits of greater than €100,000 are covered under the ELG scheme which was introduced in December 2009. It's current expiry date is December 2011.
For further information on the ELG Scheme visit It's Your Money.

Did you know?

• It may be obvious but rates vary from bank to bank so it pays to shop around
• Interest earned on Deposit Accounts is subject to tax known as DIRT at 25%
• People aged over 65 and whose total income is under a certain threshold may apply for DIRT exempt bank accounts.

Contact Us

For further information about deposit rates and options, please contact us today.