Demand Deposit Account

• Available only to Sole Traders

• Save as little or as much as you like

• There is no minimum or maximum balance

• You can withdraw any amount, any time, with no notice required, through any AIB branch or via AIB Phone & Internet Banking services

• You will earn variable interest on your money - this is calculated daily and paid to your account in April and October

• No maintenance or transaction fees apply but there may be other service charges. For details see "A Guide to Fees and Charges for Personal Accounts" 

Note: There is no ATM card issued with a Demand Deposit Account.

• We will deduct Deposit Interest Retention Tax (DIRT) at the prevailing rate from all interest earned, unless you are entitled to exemption from DIRT, and we will pay this directly to the Revenue Commissioners
• To the extent that DIRT has been deducted there is no further liability to Irish income tax, but you may be subject to PRSI. Deposit Interest is not liable to the Universal Social Charge
• The Bank will deduct DIRT from the accounts of customers unless a fully completed non-resident declaration form is held by the Bank and a minimum balance of €12,500 is maintained at all times in each account maintained by the customer. Where these conditions are maintained, we will apply this DIRT exemption to all accounts you hold with us
• If you or your spouse are aged 65 or over in the current tax year, or permanently incapacitated, and you are exempt from income tax, you may apply to have all interest on the account paid without deduction of DIRT. Each personal account you hold with us requires a separate application
• Details of your account may be reported to the Revenue Commissioners, in accordance with various legislative requirements covering the United States Foreign Account Tax Compliance Act (FATCA), the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS) and domestic banking payments regulations.