Earn fixed interest on your lump sum and access your money at the end of the term.
At certain times in your life, you may have a lump sum of money to put away. It could be from an inheritance, a retirement fund or even from savings built up over the years. If you can manage to put your money away for a fixed term, then you can benefit from the security of a fixed rate of interest. With an AIB Personal Fixed Term Deposit Account, you can lodge money for a fixed term and withdraw it at the end of the term. We will calculate interest on the daily balance in the account at the rate applied on the day you open your account.
Personal Fixed Term Deposit Account
Features and Benefits
-
Key Benefits
- 12 month term available only
- The Personal Fixed Term Deposit is available to open through AIB branches
- You can manage your account in branch
- Get a fixed rate of interest for the duration of the fixed term. We calculate interest each day on the account balance and pay it into your account at the end of the term
- Lodge your lump sum within 7 calendar days of opening your account, if no lodgement is made, the account will automatically close
- A minimum lump sum investment amount of €15,000 is needed to open your account
- You can only make one lodgement to the account at account opening
- Money can be lodged into your account electronically from other AIB accounts or from other financial institutions
- A fixed term applies to your account. This means that you cannot take out your money until the end of the chosen term
- You can hold a maximum of four Personal Fixed Term Deposit Accounts in your own name or shared with someone else. You can open an account with someone else by visiting your local branch
- To open a shared Personal Fixed Term Deposit account with someone else, the signing instruction will be set as ’Any one of us’. This means both of you can use the account independently without the other’s permission
- To open a Personal Fixed Term Deposit account with AIB, you need to:
- be a personal customer
- have a suitable AIB payment account
- have a minimum lump sum investment amount of €15,000
- lodge your lump sum as one deposit
- You can give us maturity instructions at account opening or at any time during the term of your account up until 6pm on the business day before the term ends. You can choose one of the following maturity instructions:
- Reinvest the full amount and the interest earned
- A partial withdrawal and reinvestment of the balance
- Withdrawal of the funds and close
- At the end of the term you can choose to have your money automatically transferred to any suitable AIB payment account
- If no maturity instruction is selected your funds will be automatically reinvested in your account to the default reinvestment term on maturity which may be the same investment term or a shorter investment term at the prevailing fixed rate
- We don’t charge maintenance or transaction fees but there may be other service charges. For details see “A Guide to Fees and Charges for Personal Accounts"
Help and Guidance
Terms and Conditions
View the AIB Personal Fixed Terms Deposit Account Terms and Conditions
Deposit Rates
Find out more about our Deposit Account Rates
Revenue.ie
The Revenue Commissioners is the primary state body responsible for the assessment and collection of taxes and duties
Frequently Asked Questions
View our Personal Fixed Term Deposit Accounts Frequently Asked Questions
Help Centre
For all service related queries please visit our Help Centre.
-
Tax on Interest earned on Deposit Accounts:
- 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.
- Personal Identification Requirements
Other Information
AER is annual equivalent rate. Rates quoted are variable. Interest is subject to Deposit Interest Retention Tax (DIRT), at the prevailing rate where applicable (for more information please visit: www.revenue.ie).