Childsave account, for life s little milestones.

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1 Childsave account, for life s little milestones.

2 What adventure will tomorrow bring? A child s life is full of milestones. From first birthdays and first days at school to exams and college graduations; and they re just the ones you can plan for. You can never be sure of what life is going to throw at you, especially where children are involved, but with our Childsave account you can be better prepared. Developed to help you start saving for your child s future while they are still young, it s an ideal way to ensure that you have money put by for emergencies, birthdays, school trips or even college. You can save as little or as much as you want, whenever you want. Your Childsave account is opened in your name, with your child s name noted, as children cannot set up an individual account until they are seven. This means that you own the money in the account, so how it is spent is up to you. Once your child turns seven, you can choose to move the funds from your Childsave account into an account in their own name, or you can continue to save for them in your Childsave account. We will write to you prior to your child s seventh birthday to notify you of this option. Benefits of the Childsave account A Childsave account gives you the peace of mind in knowing that you have something put by for your child s future. It s a simple and easy way to save. Save how you want, when you want, regularly by direct debit or lodge any lump sums you may have from time to time, subject to the total maximum limit of 10,000 It is ideally suited for saving your Children s Allowance Family and friends such as grandparents or godparents may open a Childsave account You can withdraw your money from the account, once a month, without penalty Talk to us today Bank of Ireland is regulated by the Central Bank of Ireland. Bank of Ireland is a member of Bank of Ireland Group.

3 Terms and conditions applicable to all deposit accounts These general terms and conditions are applicable to all deposit accounts and are to be read in conjunction with the additional account specific terms and conditions for your account. Interpretation The general terms and conditions applicable to all deposit accounts along with the additional terms and conditions applicable to your specific type of account constitute the salient terms and conditions applicable to the provision of the account by the Bank. They do not comprise an exhaustive list and fall to be read in conjunction with and subject to relevant banking law and practice. Any reference herein to terms and conditions includes all of the terms, conditions and provisions contained herein. Any references to legislation or tax in these terms and conditions are accurate as of the print date and are subject to change. 1.0 Definitions 1.1 Account means the account(s) with us in your name as set out in the additional account specific terms and conditions; 1.2 Accountholder or you is the person in whose name the account is maintained. Where the account is opened in the name of more than one person, any references to the accountholder includes a reference to each of such persons; 1.3 Additional account specific terms and conditions means the additional terms and conditions that apply to the account along with these general terms and conditions, as amended, extended or replaced from time to time; 1.4 Bank we or us means The Governor and Company of the Bank of Ireland having its Head Office at 40 Mespil Road, Dublin 4 and its successors and assigns; 1.5 Banking Day means the periods of time in any one day during which the Bank is open for business in Ireland, and non-banking Day (i.e. Saturdays, Sundays and Bank Holidays) shall be construed accordingly. 2.0 Maintenance of the account 2.1 The accountholder must conduct the account in credit at all times. 2.2 If an amount is debited or credited to your account in error by the Bank, the Bank may make any necessary correcting entry on your account without the need for the accountholder s approval. 2.3 If a credit to the account is subsequently recalled or not credited by the paying bank, the Bank may make any necessary correcting reversal entry without the accountholder s approval and the accountholder will be liable to pay the Bank any debit which may arise as a result. 2.4 Any correspondence or notices sent by the Bank to the accountholder by post to the last known address held by the Bank for the accountholder, shall be deemed to be received by the accountholder two Banking Days after dispatch by ordinary post, or immediately upon delivery by hand. 3.0 Identification and account opening 3.1 To ensure compliance with its obligations under law and regulations concerning the prevention of money laundering and terrorist financing, and to comply with 4.2 and 4.3 below, you may be required to produce to us satisfactory evidence as to your identity, current permanent address, the source of the funds lodged or proposed to be lodged to the account and your PPSN/Tax reference number. 3.2 We reserve the right not to open an account. 4.0 Deposit account interest 4.1 The Bank will pay interest in accordance with the additional account specific terms and conditions. Interest is subject to Deposit Interest Retention Tax (DIRT) which the Bank will deduct at the prevailing rate. 4.2 Details of interest paid, along with details of the person to whom the interest is paid, may be reported to the Revenue Commissioners, in accordance with the requirements of s891b of the Taxes Consolidation Act, For customers who are not resident in Ireland but are resident in a Member State of the EU or one of the reportable territories, the Bank must disclose to the Irish Revenue Commissioners details of the customer s identity, address and interest paid to the customer, in accordance with the requirements of Chapter 3A of the Taxes Consolidation Act, 1997 (Implementation of EU Savings Directive.) 5.0 Non-residents 5.1 In order for Non-resident personal accountholders to avail of an exemption from DIRT, a minimum balance (inclusive of accrued interest) of 26,500 must be maintained at all times. An appropriate revenue non-resident declaration form must also be fully completed by the individual(s) within prescribed time limits. Where the balance falls below the minimum requirement, the account will be subject to DIRT. The Bank shall advise you in writing in the event of this occurrence. 6.0 Amendment of terms & conditions 6.1 The Bank reserves the right at all times to introduce new terms and conditions, to include new fees and charges, and to vary or amend the existing terms and conditions, to include existing fees and charges, by giving notice thereof to the accountholder by whatever means allowed by law or regulation the Bank, in its discretion, deems appropriate, in which circumstances the accountholder shall be free to dissolve this contract with the Bank and if so doing shall forthwith discharge all and any outstanding liabilities to the Bank in respect of the account. In the absence of any prior notice to the contrary, the accountholder will be deemed to have accepted such revised terms and conditions with effect from their notified effective date. 6.2 The Bank reserves the right at all times to vary any and all applicable interest rates by giving notice thereof to the accountholder by whatever means allowed by law or regulation the Bank, in its discretion deems appropriate, save where the variation is to the benefit of the accountholder in which circumstances the Bank may implement such variation with immediate effect and notify the accountholder thereafter. 7.0 Waiver 7.1 No time or indulgence that we may extend to you and no waiver by us of any breach of any term or condition of these terms and conditions shall affect our rights and powers under the terms and conditions. 8.0 Joint accounts and joint and several liability 8.1 Where the account is opened in the name of more than one person

4 the agreements, obligations, indemnities and liabilities of such persons herein contained are joint and several. 9.0 Indemnity 9.1 You shall hold us harmless from any loss or damage suffered by any person as a result of your breach of any of the terms and conditions Severance 10.1 Each of the provisions of the terms and conditions is severable from the others and if at any time any one or more of such provisions, not being of a fundamental nature, is or becomes illegal, invalid or unenforceable, the validity, legality and enforceability of the remaining provisions of the terms and conditions shall not in any way be affected or impaired Jurisdiction 11.1 The terms and conditions shall be governed by and construed in accordance with the laws of Ireland, and the courts of Ireland shall have exclusive jurisdiction to resolve any disputes in connection herewith Termination 12.1 The accountholder may terminate this contract at any time on notice to the Bank. A funding loss charge and/or default interest rate may apply for early withdrawal before the maturity of the account where applicable. Details can be found in the additional account specific terms and conditions of your account included herewith, if applicable The Bank may terminate this agreement at any time on 2 months notice to the accountholder In addition to the general right to terminate as set out above, and without any liability to the accountholder, the Bank may terminate this agreement and close the account immediately or, at the discretion of the Bank, may immediately block the use or operation of the account in circumstances where; (a) the Bank is made aware of the death, bankruptcy or other act of insolvency of the accountholder; (b) the accountholder has failed security checks in a manner that the Bank deems unacceptable; (c) there is a reasonable suspicion of unauthorised or fraudulent activity on the account; or (d) there has been a breach of these terms and conditions by the accountholder. Where the account is so closed or blocked, the accountholder will be notified and, where the account is blocked, the accountholder will be advised as to how the block may be removed Making a complaint 13.1 The Bank is committed to providing excellent customer service at all times. If the accountholder wishes to make a complaint, the following steps will apply: (a) raise the complaint at the Bank of Ireland branch where the problem arose, either in person or over the phone to the branch customer service manager (or any member of staff) or in writing to the branch customer service manager. Alternatively, the accountholder may make the complaint to the Bank s Customer Care Unit by phoning on a Banking Day between 9.00 am and 5.00 pm ( if calling from abroad) or by writing to Customer Care Unit, Bank of Ireland, Head Office, 40 Mespil Road, Dublin 4. (b) if the complaint has not been resolved within 5 Banking Days, the Bank will acknowledge receipt of your complaint in writing. If the complaint has not been resolved within 20 Banking Days the Bank will provide the accountholder with a written update. If, after a further 20 Banking Days the Bank has still not resolved the complaint, the Bank will write again to explain the delay and will provide an indication of when a conclusion is expected. (c) when the Bank has completed its investigation into the complaint, it will provide the details of the outcome to the accountholder in writing. (d) if the accountholder is not satisfied with how the Bank has dealt with the complaint, it may be referred to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. Lo Call: , Telephone: , Fax: , [ mailto:enquiries@financialombudsman.ie ] enquiries@financialombudsman.ie, website: Additional account specific terms and conditions for the Childsave account ( the account ) These additional account specific terms and conditions are to be read in conjunction with the general terms and conditions applicable to all deposit accounts. 1.0 Definitions These definitions are to be read in conjunction with the definitions in the general terms and conditions applicable to all deposit accounts. 1.1 The Child is the person in whose name is noted on the account. The child will have no legal or beneficial interest in the funds in the accounts. 2.0 The account 2.1 You must be over 18 years of age to open the account. 2.2 To open your account, you must lodge a minimum of 1 to your account. The maximum lodgement and balance is 10, Accounts will be opened in respect of a child ( the child ) nominated by you. The child must be under 7 years of age. We reserve the right to seek evidence of the existence of the child, by production to us of an original or certified copy birth certificate or other documentation. 2.4 You may not open more than four Childsave accounts whether in your sole name or jointly with another accountholder. 2.5 You will be the legal and beneficial owner of the funds in the account. The child will have no legal or beneficial interest in the funds in the account. 2.6 We will write to the you prior to the child s seventh birthday to advise you that once the child reaches the age of 7, a young savers account can be set up in the child s own individual name if required. 2.7 You are responsible for ensuring the correctness and accuracy of all payment instructions and the Bank does not accept any responsibility or liability in respect of same. 2.8 Statements on the account will issue annually in April, except where the balance is below 20 and has been below this threshold amount since the previous statement was issued. 3.0 Deposit account interest 3.1 The interest rate on the account will be a variable rate.

5 3.2 Interest will be calculated daily based on the balances in the account using the then prevailing interest rate. 3.3 Details of the interest rate applicable to your account at any one time are available from any Bank of Ireland branch. We will inform you of changes to the applicable interest rate by whatever means we, in our absolute discretion, deem appropriate (e.g. National Press Advertisement.) 4.0 Account transaction fees, lodgements and withdrawals 4.1 One withdrawal per calendar month is available with the account. 4.2 The proceeds of any cheque lodged to the account may not be withdrawn until the cheque has been cleared. 4.3 Lodgements can be made to your account in any Bank of Ireland branch. 4.4 You may make lodgements to the account by direct debit subject to a minimum direct debit of 20 a month to a maximum of 500 a month per account. 4.5 If the account from which a direct debit payment is made does not contain sufficient funds to meet any payment, the direct debit will not be represented and you may be liable to a charge by the institution with which the account is held. 4.6 You cannot make payments outwards either by standing order or direct debit on your account. No ATM withdrawals from your account are available. You can only make withdrawals from your account in any Bank of Ireland branch. Information about your Distance Contract pursuant to the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 About us The Childsave account (the account ) is offered by the Governor and Company of the Bank of Ireland (the Bank or Bank of Ireland ). The principal business of the Bank is the provision of financial services to customers. The Bank s Head Office is at 40 Mespil Road, Dublin 4. The registered number of Bank of Ireland in the Companies Office is C-1 and the Bank s VAT number is IE8Y42002P. If you wish to contact the Bank in connection with the account, please write to your account opening Bank of Ireland branch. Bank of Ireland is regulated by the Central Bank of Ireland. prevailing DIRT rate at the time of interest payment. Currently there are no other taxes or charges applying to the account but this is subject to change - please see the attached terms and conditions. Your right to cancel You may cancel the account under the European Communities (Distance Marketing of Consumer Financial Services) Regulations, 2004 (the Regulations ) within 14 days of the opening of the account by sending a notice in writing to your account opening branch. Any credit amount in the account and interest due at the date of cancellation will be returned to you. You have the option to close the account at any time by sending a notice in writing to your account opening Bank of Ireland branch. The cleared balance of your account as at the date of closure will be repaid to you together with interest (if any) and less any DIRT outstanding and any outstanding liabilities owed to us in respect of your account. Governing law and language The account will be governed by and construed in accordance with the laws of Ireland, and the courts of Ireland shall have exclusive jurisdiction to resolve any disputes in connection with the account. The English language will be used for the purpose of interpreting the terms and conditions of the account and for all communication in connection with the account. Making a complaint If you wish to make a complaint you may do so by writing to your account opening Bank of Ireland Branch. In the event that you are not satisfied with the response you receive from your branch, you can contact our dedicated Customer Care Unit by writing to Customer Care Unit, Bank of Ireland Head Office, 40 Mespil Road, Dublin 4, or phone: (lines open Mon-Fri 9am-5pm) or (from abroad). We always do our best to find a satisfactory resolution to your complaint. You may make a complaint to the Financial Services Ombudsman by writing to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. Description of financial service The financial service being supplied by Bank of Ireland is a Childsave account which is a savings account. You must be over 18 years of age to open the account. To open your account, you must lodge a minimum of 1 to your account. The maximum lodgement and balance is 10,000. accounts will be opened in respect of a child ( the Child ) nominated by you. The child must be under 7 years of age. You will be the legal and beneficial owner of the funds in the accounts. The child will have no legal or beneficial interest in the funds in the accounts. You may make regular savings by way of direct debit to the account subject to minimum direct debit of 20 a month to a maximum of 500 a month per account. Only one withdrawal per calendar month is available in the Childsave account. Full details of the interest rate applicable to the account are available from any Bank of Ireland branch. Interest is paid once a year in March. Full details of the account are set out in the attached documentation. Interest accruing on the account shall be paid after the deduction of Deposit Interest Retention Tax ( DIRT ) at the

6 Bank of Ireland is regulated by Central Bank of Ireland R 3(03/11)