Fixed Term Deposit
This is where a lump sum is placed on deposit with an Institution for a fixed term, for example 3 months, 6 months, 12 months etc. You must leave the monies on deposit for the full term chosen.
Some Banks do allow access to a percentage of the money within the fixed term period so it is important to be aware of all the offers available at any given time.
This is a deposit account where you place a lump sum on deposit indefinitely. You are allowed to make withdrawals from you account but you must give the Bank “notice” of withdrawal – usually between 1 week and 3 months.
Demand Deposit Account
This is where you place money on deposit indefinitely. You can access your monies at any time and you are given your funds immediately.
Interest rates are constantly changing. We will provide you with the necessary information to make an informed decision on where to place your monies. You need to be careful not to be drawn into accounts that on the face of it look to offer best value but contain hidden clauses in the small print.
Interest rates are usually quoted using the AER (Annual Equivalent Rate). This rate illustrates the guaranteed interest that will be paid and compounded each year.
All interest earned on deposit accounts are subject to deposit interest retention tax (dirt). This tax will be deducted by the Bank at source. The interest you receive will be after this tax has been deducted and sent to the State. Certain people are exempt from paying Dirt tax and must complete a declaration to be given to the holding institution.