Term deposits and fixed rate bonds

Transcription

1 Term deposits and fixed rate bonds

2 This brochure outlines some of the options available to you if you have a lump sum you would like to put into a deposit account over a short, medium or long period of time. Bank of Ireland s Term Deposits, and range of Fixed Rate Bond Accounts - offer attractive rates of interest and are flexible enough to suit many types of savers. You can choose one account or a combination of accounts from the range detailed in this brochure, or choose an option from our wider savings and investment range in order to provide the balance between return and access to your money that suits you best. Term Deposit Accounts A Term Deposit Account is suitable for depositing lump sums of money over a specific period of time. It s a secure and attractive way of setting your money to work in the short term. You can choose a deposit period of 4 weeks, 13 weeks, 26 weeks or 52 weeks, whichever suits you best. There is a minimum lodgement of 3,000 on all term deposits. Fixed Rate Bond Accounts Fixed Rate Bond Accounts are ideal if you have money to put away for short, medium or long terms. You ll earn an attractive return in a no risk investment both your capital and interest are secure. Fixed Rate Bond Accounts are cash deposits invested for 3, 6, 12, and 18 months and 2, 3, 4, 5 and 6 and a half years. There is a minimum lodgement of 3,000 on all bond account terms. Emergency Access With all Term Deposit and Fixed Rate Bond Accounts, once every calendar year you can withdraw up to 6,300 or 10% of your money (whichever is greater) with no notice whatsoever, and without incurring additional charges. ** Access Six and a Half Year Fixed Rate Bond Account Only the six and a half year Fixed Rate Bond Account allows you to make additional withdrawals before the term is up. These are limited to one withdrawal every six months. There is no charge or loss of interest and you don t have to give any advance notice. A charge may apply to other withdrawals from bond accounts of shorter duration, apart from emergency access which is outlined above. Cooling off period After you ve opened a Term Deposit or Fixed Rate Bond Account, there s a 14-day cooling off period in case you change your mind. If you decide you don t want to go ahead, you ll get all your money back and no fees will apply. Quick Overview: Fixed rate of interest, agreed at the beginning of the term Minimum investment 3,000, no maximum investment Emergency access facility once a year Cooling off period Interest* Interest rates on Term Deposits and Fixed Rate Bond Accounts are fixed at the beginning of the term and secured for the period of the term. Interest is subject to DIRT. * Please ask us for the current interest rates applicable on our Term Deposit & Fixed Rate Bond Account options. ** If you make a further withdrawal before the end of the term there may be a charge. The Terms and Conditions contained in this brochure explain how this charge is calculated. Bank of Ireland is regulated by the Central Bank of Ireland. Bank of Ireland is a member of Bank of Ireland Group. 2 3

3 Find the account that suits you best If you want to establish a regular savings habit, or if you have a sum of money that you want to work a little harder for you, it's important that you choose the savings or deposit option that meets your needs exactly. So whether you're saving up to buy a house, to pay for your children's education, or simply putting some money away for a rainy day, you should consider all the options available to you. If your financial needs change, it might be wise to use a combination of longer term as well as shorter term savings options. Call into any Bank of Ireland branch, our expert advisers would be delighted to talk to you about all the options available and help you make the choice that suits you best. Alternatively visit If you d like more information, ask for a copy of one of these brochures: Demand and Reserve Deposit Account Notice Accounts Regular Savings Accounts Special Term Account SmartChoice, equity based regular savings plan Or, for an overview of our equity based long term options ask for a copy of our Investment brochure. Bank of Ireland is regulated by the Central Bank of Ireland. General 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, 4 5

4 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 6,500 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 and to vary or amend the existing Terms and Conditions by giving notice thereof to the Accountholder by whatever means 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 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 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. If the Accountholder is not satisfied with the response from the branch, a complaint can be made 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. 6 7

5 8 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: , enquiries@financialombudsman.ie, website: Additional Account Specific Terms and Conditions for the Term Deposit and Fixed Rate Bond 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 ( Terms and Conditions ). 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 Term is the duration of the Account. 1.2 Maturity means the expiry of the Term of the Account. 2.0 Interest 2.1 The interest rate applied to the Account is fixed and will be the rate applicable on the day that the initial lodgement is made to the Account and will apply until the maturity date. Details of applicable interest rates are available from Bank of Ireland branches. 2.2 Interest is calculated and accrued each day based on the balance in the Account. 2.3 Accounts are intended to be held for the full Term, subject to the provisions in respect of withdrawals set out in clause 4 below. 2.4 Interest is paid at the end of the Term. 3.0 Lodgements 3.1 The minimum balance in an Account is 3,000. There is no maximum. 3.2 The deposit must be made at the beginning of a Term. During a Term, the Bank may at its sole discretion, accept further lodgements to the Account and in this case, the overall rate of interest on the Account may be adjusted to reflect changes in the market rates. 4.0 Withdrawals 4.1 Only cleared balances may be withdrawn. Withdrawals using an ATM card, Standing Order and Direct Debit facilities are not available with these Accounts. 4.2 The Accountholder may make one emergency withdrawal per calendar year without incurring a charge. The maximum amount of the emergency withdrawal shall be 6,300 or 10% of the outstanding balance, whichever is the greater. 4.3 The proceeds of any cheque lodged to an Account may not be withdrawn until the cheque has cleared. 4.4 If your Account balance falls below the minimum 3,000 (except where the Accountholder has affected a withdrawal in compliance with clause 4.2), your account may be converted to a Variable Rate Call Account - which is a standard Demand Deposit Account. The funds will then receive the prevailing rate for that Account. 4.5 It is possible to make further withdrawals before the end of the Term subject to a payment to the Bank of an amount calculated as set out below. This amount represents payment for any funding loss incurred by the Bank of replacing the amount withdrawn. A x B% x C 365 Where: A is the amount withdrawn. If the entire balance of the Account is withdrawn, the payment of an amount representing the loss incurred by the Bank will only apply to the capital. B% is the difference between The cost to the Bank of replacing the funds withdrawn, which is the prevailing market rate of interest for a term that matches/ is closest to the number of days remaining in the Term. The earning rate on the Account at the time of withdrawal expressed in percentage terms. C is the number of days remaining in the Term. 5.0 Cooling off period 5.1 The Accountholder may avail of a Cooling off Period. No charge will apply if, within 14 days of the opening date, the Account is closed at the request of the Accountholder. The standard rate of DIRT will apply. 6.0 Maturity 6.1 Unless the Bank receives instructions from the Accountholder on or before the final day of a Term, another Term of the same length as the expired Term will apply, subject to the same Terms and Conditions as the expired Term and at the then prevailing rate. 7.0 Term Deposits 7.1 The Term of the Account, depending on the option chosen may be 4, 13, 26 or 52 weeks in length. 7.2 Interest is paid on the last day of the Term. 7.3 The Accountholder may choose to have interest, which is paid at the end of the Term added to the balance of the Account or lodged to another Bank of Ireland account nominated by the Accountholder. 8.0 Fixed Rate Bond Accounts (3, 6, 12 and 18 months, 2, 3, 4 and 5 year Terms) 8.1 The Term of the Account depending on the option chosen may be 3, 6, 12 and 18 months, and 2, 3, 4, or 5 years in length. The term of the Account is calculated in weeks. For example 78 weeks (546 days) for the 18-month term, 104 weeks (728 days) for the 2-year term and 156 weeks (1092 days) for the 3-year term. 8.2 The Accountholder may choose to receive interest at regular intervals (monthly, quarterly, half-yearly or annually). If the Accountholder does not choose to receive interest at regular intervals, interest will then be paid at the end of the Term. The overall rate of interest is lower when interest is paid regularly than when interest is paid at the end of the Term. 8.3 The Accountholder may choose to have interest that is paid at the end of the Term added to the balance of the Account or lodged to another Bank of Ireland account nominated by the Accountholder. Interest which is paid at regular intervals during the Term is lodged to another Bank of Ireland account nominated by the Accountholder. 9

6 9.0 Fixed Rate Bond Account (6.5 year Term) 9.1 The Term of the Account is 6.5 years in length. 9.2 The interest rate is the same for all Account balances over 3, The Interest rate on the Account increases annually on the account opening anniversary. 9.4 In addition to Term and Condition 4.2, it is also possible to make further withdrawals of capital from the 6.5 year Fixed Rate Account without charge or loss of interest on the amount withdrawn, provided the withdrawal is made on the six month anniversary of the account opening date. However, if the withdrawal is made outside of the six month anniversary date, no interest will be earned on the amount withdrawn for the period since the last six month anniversary and the date of the withdrawal. 9.5 Terms and Conditions 8.2 and 8.3 above relating to Fixed Rate Bond Accounts also apply to Fixed Rate Bond Accounts with 6.5 year Terms. Additional Account Specific Terms and Conditions for the Variable Rate Call Deposit 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 ( Terms and Conditions ). 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 Account Number means the 8 digit number that identifies the Account; 1.2 BIC means the Bank Identifier Code; 1.3 Cut-Off Times means the relevant point in time during any Banking Day after which any payment, or payment order received will be deemed to have been received on the next Banking Day; 1.4 IBAN means the International Bank Account Number, which incorporates the Account Number and codes to identify the country, bank and branch of the Accountholder; 1.5 Ireland means the Republic of Ireland; 1.6 PSR means The European Communities (Payment Services) Regulations 2009 and PSR regulated payments means any payments where the payment service providers of both the payer and payee are located within the EEA and where such payments are made in euro or any other EEA currency; 1.7 Sort Code means the 6 digit number that identifies a particular bank and bank branch within the Republic of Ireland. 2.0 Maintenance of Account 2.1 Subject to these Terms and Conditions, we agree to provide an Account in your name. You must operate the Account in credit. 2.2 In respect of payments out of the Account, (debit payments), the date of receipt of such payment orders ( D ) will, subject to applicable Cut-Off Times, be that Banking Day where the payment order is received by the Bank. The Bank will process all payment orders received such that the beneficiary bank will be credited within three (3) Banking Days of the date of receipt by the Bank of said payment order (D+3). With effect from January 1, 2012 the Bank will process all payment orders received such that the beneficiary bank will be credited within one (1) Banking Day of the date of receipt by the Bank of said payment order (D+1). For paper initiated payment transactions, the above referenced 10 processing periods are extended by a further Banking Day [(D+4) and (D+2)]. The above referenced transaction processing times apply only to PSR regulated payments and any non-psr regulated payments may take longer to process. 2.3 In respect of payments into the Account, (credit payments), the Account will, subject to applicable Cut-Off Times, be credited with the amount of any such payment on the same Banking Day as the payment is received by the Bank, save where the date of receipt is not a Banking Day in which circumstances the Account may not be credited until the next Banking Day. Further, the Bank reserves the right to deduct transaction charges from any credit payment prior to applying, or crediting, such payment to the Account. 2.4 In respect of any euro cash lodged to the Account by the Accountholder or any third party the Bank will ensure that the amount of such lodgement is credited to the Account immediately upon receipt of same by the Bank on any Banking Day. 2.5 You must ensure that sufficient cleared funds are maintained in the Account to meet any withdrawals. 2.6 The proceeds of any cheque lodged to the Account may not be withdrawn until the cheque has cleared. The Accountholder, at the discretion of the Bank, may lodge cheques to the Account that are payable to third parties. The Accountholder will be liable to the Bank for any losses incurred. 2.7 The proceeds of any cheque lodged to the Account in any currency other than euro will be converted to euro at the exchange rate determined by the Bank on the date such transaction is credited to the Account. If the cheque is later returned unpaid, it will be converted to euro at the exchange rate determined by the Bank on the date such transaction is debited to the Account. The Bank will not be responsible for any losses incurred. 2.8 The Bank will at least annually, or at such other frequency as may be agreed with the Accountholder, provide or make available to the Accountholder a written receipt of Account (i.e. transaction receipt or statement) setting out the following details in respect of all account transactions; (a) A reference enabling the Accountholder to identify each transaction; (b) The amount of the transaction; (c) The amount of any charges applied to the transaction; (d) Where applicable, the exchange rate applied to the transaction; (e) The debit or credit value date of the transaction. The Bank may also, at its discretion, provide the above information in respect of any transaction by way of an individual transaction receipt. 2.9 Statements will issue annually, 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 structure on the Account is tiered which means that the rate increases as the balance in the Account increases and reduces if the balance reduces within the set tiers. 3.2 The rates of interest on the Account are variable. Details of current rates are available from any Bank of Ireland Branch. 3.3 Interest is calculated each day based on the balance in the Account using the then prevailing interest rate. Interest is typically paid annually in March. 3.4 Any change to the interest rates being applied to the Account will be notified to you by whatever means the Bank, in its discretion, deems most appropriate. 11

7 4.0 Account Transactions Fees, Lodgements & Withdrawals 4.1 Transactions on the Account include lodgements and withdrawals. Withdrawals using an ATM card, Standing Order or Direct Debit facilities are not available on the Account. 4.2 No transaction fees are applied by the Bank for lodgements to or withdrawals from the Account. 4.3 The Bank may apply transaction fees to the Account in the future, without prior consultation with the Accountholder, and subject to approval by the relevant regulatory authority and reasonable notice to the Accountholder. 4.4 Withdrawals and lodgements can be made on any Banking Day. 5.0 Disputed or Unauthorised Transactions 5.1 The Accountholder must advise the Bank without undue delay, and no later than thirteen (13) months after the transaction date, of any unauthorised or incorrectly executed transactions. 5.2 In the case of a dispute between the Accountholder and the Bank regarding a transaction, the books and records kept by or on behalf of the Bank (whether on paper, microfilm, by electronic recording or otherwise) shall, in the absence of manifest error, constitute sufficient evidence of any facts or events relied on by the Bank in connection with any matter or dealing relating to the Account. 5.3 In the event of an unauthorised transaction out of the Account, the Bank will refund the amount of such unauthorised transaction and will restore the Account to the state it would have been in but for the unauthorised transaction. 5.4 Notwithstanding the provisions of 5.3 above, where any such unauthorised transactions arise as a result of any fraud or gross negligence on the part of the Accountholder, the Accountholder shall be liable for the full amount of such unauthorised transactions. 5.5 In the event of any incorrectly executed transaction resulting from the acts or omissions of the Bank, the Bank will refund the amount of such incorrectly executed transaction and will restore the Account to the state it would have been in had the incorrectly executed transaction not taken place. 5.6 Where any transaction is effected by the Bank in accordance with any unique identifier (e.g. Sort code, Account Number, BIC or IBAN) as supplied by the Accountholder but where the unique identifier supplied is incorrect, the Bank shall have no liability to the Accountholder in respect of such transaction. The Bank will however make all reasonable efforts to recover the funds involved in such transaction. The Bank may charge the Accountholder in respect of all reasonable costs incurred in recovering the funds on behalf of the Accountholder. Information about your Distance Contract pursuant to the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 About us The Term Deposit and Fixed Rate Bond Account and The Variable Rate Call Account (together the Accounts ) are 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. Description of Financial Services Term Deposits & Fixed Rate Bond Accounts The financial service being supplied by Bank of Ireland are Term Deposit and Fixed Rate Bond Accounts. A minimum lodgement of 3,000 is required to open the Account. The rate of interest applicable to the Account is a fixed rate and will be the rate applicable on the day the initial lodgement is made to the Account and will apply until the last day of the term of the Account. Only cleared balances may be withdrawn. Only one emergency withdrawal of 10% of the cleared Account balance or 6,300 (whichever is the greater) may be made from the Account. A charge will apply if further withdrawals are made before the end of the term. Details of how this charge is calculated can be found in the terms and conditions of the Account included herewith. It is also possible to make further withdrawals of capital from the 6.5 year Fixed Rate Bond Account without charge or loss of interest on the amount withdrawn, provided the withdrawal is made on the six month anniversary of the account opening date. Interest is calculated each day based on the balance in the Account using the interest rate applying. Interest is paid at the end of the Term, however there are income options available on some of the longer term Accounts on request. Interest accruing on the Account shall be paid after the deduction of Deposit Interest Retention Tax ( DIRT ). Full details of the Bank's interest rates are available from any Bank of Ireland branch. Currently there are no other taxes or charges (apart from the early withdrawal charge outlined above) applying to the Account but this is subject to change please see the enclosed terms and conditions. You have the option to close the Account early at any time by sending a notice in writing to your account opening branch. A charge may apply for early withdrawal. Details of how this charge is calculated can be found in the terms and conditions of the account included herewith. It is possible to close the 6.5 year Fixed Rate Bond Account without charge provided the closure is made on the six month anniversary of the account opening date. The cleared balance of your Account as at the date of closure will be repaid to you together with interest and less any DIRT outstanding and any charges or other liabilities owed to us in respect of your Account. Description of Financial Services Variable Rate Call Account The financial service being supplied by Bank of Ireland is a Variable Rate Call Account. A minimum lodgement of 1 is required to open the Account. The rate of interest applicable to the Account is a variable rate. Details of the current interest rates are available in any Bank of Ireland branch. Interest is calculated each day based on the balance in the Account using the then prevailing interest rate. Interest is typically paid 12 13

8 once a year in March. Interest accruing on the Account shall be paid after the deduction of Deposit Interest Retention Tax ( DIRT ). No transaction fees are applied by the Bank for lodgements to or withdrawals from the Account. Your right to cancel You may cancel each of the Accounts 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 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) 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 are not happy with any aspect of our service or products, you can let us know by contacting your account opening Bank of Ireland branch. If 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. Bank of Ireland is regulated by the Central Bank of Ireland

9 RU.13 (03/2011)