Online Personal Savings Plan Terms & Conditions
The Online Personal Savings Plan is subject to the Terms and Conditions below. These Terms and Conditions are supplemental to the conditions of use governing AIB Phone and Internet Banking. Please read these Terms and Conditions carefully. Please note that there may be alternative products which have different benefits, restrictions and/or cost or income options. If you want any further information please ask at any AIB branch.
To view Distance Marketing Directive information relating to the online savings product, view our Legal Notice section.
Key Product Features
Variable interest rate, at present 3.00% gross per annum (A.E.R. 3.00% - 4.50%)
Interest is subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate.
You'll receive a special bonus if you make regular lodgements of not less than EUR20.00 per month and not more than EUR1,000.00 per month to your account and make no more than one withdrawal per year (between 1st April to 31st March)
Your bonus will be added to your account with your interest in April:
Year 1, a bonus of 10% of interest earned is paid.
Year 2, a bonus of 20% of interest earned is paid.
Year 3, a bonus of 30% of interest earned is paid.
Year 4, a bonus of 40% of interest earned is paid.
Year 5, a bonus of 50% of interest earned is paid.
In year six, the bonus will revert back to 10% and the bonus interest will increase incrementally as before.
Terms & Conditions
Interest
The Bank will pay interest calculated on the opening daily balance of the account at the Bank's variable published rate. The interest will be calculated on the last business day in March of each year and will be paid into the account (less the amount of Deposit Interest Retention Tax at the appropriate rate) on the first business day of April of each year.
In addition to regular interest, the Bank will pay an interest bonus calculated on the amount of interest accrued in each year subject to compliance with the conditions below governing lodgements and withdrawals. The bonus will be 10% of the interest accrued in the first year to 31st March, and it will increase by 10% each year, until a bonus of 50% is achieved. This bonus will revert back to 10% the following year and will increase incrementally as before. If an account is opened between 1st January and 31st March in any year, bonus interest will not be paid in respect of the period up to and including 31st March of that year.
The Bank will deduct DIRT from the accounts of non-residents unless a fully completed non-resident declaration form is held by the Bank, and a minimum balance of EUR12,500 is maintained at all times in the account. The minimum balance requirement will apply separately to each account that a customer holds. Aggregation of balances will not be allowed. If an account balance falls below the minimum threshold the account will revert to paying DIRT at the prevailing rate. In the event that the account balance subsequently rises above the minimum threshold the account holder will have to reapply for exemption and provide fresh confirmation of residential status.
If you or your spouse is aged 65 or over in the current tax year, or you or your spouse is permanently incapacitated and satisfy the conditions exempting you from income tax, you may apply to have the interest on the account paid without deduction of DIRT.
Details of interest paid, along with details of the person to whom the interest was paid, may be reported to the Revenue Commissioners, in accordance with the requirements of S.891B of the Taxes Consolidation Act, 1997.
Where interest is paid to an individual resident in an EU Member state (other than the Republic of Ireland) or certain dependent territories, that interest will be reported to the Revenue Commissioners in accordance with the European Union Council Directive 2003/48/EC (EU Savings Directive).
General
Account statements will be issued yearly. Additional statements will be issued on request at an appropriate charge. On receipt of their statement, account holders should check all transactions and report any discrepancies to the Bank immediately.
The Bank may change the terms and conditions for Personal Savings Plans on giving one calendar month's written notice to account holders or by publication in a national daily newspaper or such other means as the Bank considers appropriate.
The Bank may terminate the account on giving the account holder thirty days prior written notice or forthwith, upon breach by the account holder of these terms and conditions or upon the bankruptcy or other contractual incapacity of the account holder.
The account holder must advise the Bank if there is a forgery.
The Bank may at any time without notice to the account holder set off and apply the credit balance in the account toward payment of the debit balance on any other account.
Any notice or other communication sent by the Bank to the account holder by post to the last address notified by the account holder shall be deemed to have been received twenty four hours after dispatch by post, or immediately upon hand delivery.
The laws of Ireland will apply and the Bank and the account holder submit to the exclusive jurisdiction of the Irish Courts.
The Online PSP may only be operated as a Sole Account and not a Joint Account. Two Online PSP accounts are allowed per customer. The Online PSP account application is only available to individual customers using their sole and specific AIB Internet Banking login Registration Numbers and Personal Access Codes.
You must be a registered user of AIB Phone & Internet Banking and have a suitable AIB payment account e.g. current account or demand deposit account.
Lodgements
The minimum lodgement amount is EUR20 per calendar month, subject to a maximum lodgement amount of EUR1,000 per calendar month.
Lodgements are to be made in regular amounts at regular intervals by incoming electronic transfer from the originating account as specified by the account holder when the Online Personal Savings Plan account is opened (or as may be agreed with the Bank). A lodgement date of any day between the 1st and the 25th of the calendar month may be chosen by the account holder. Subject to funds, subscriptions will be paid from the originating account each month on the chosen lodgement date or on the next business day if the lodgement date falls on a non-business day.
As interest is calculated daily and paid in arrears, lodgements of cleared funds accepted for your account prior to the *applicable cut-off time on a Business Day are credited to your account and shall accrue interest from the date of receipt of such funds.,
Lodgements of cleared funds posted after the daily cut- off time on any Business Day are deemed to have been received by us on the next Business Day .
No interest will be paid on any cleared lodgement posted to the account after the cut-off time where the account is closed on the same day (that is the next Business Day).
*Cut-off times vary dependant on the type of instruction furnished and whether or not the lodgement is initiated electronically. For applicable cut -off times please refer to the appropriate paper payment application form, the Phone and Internet Terms and Conditions for electronic payments and the notices displayed in branches.
Monthly Limit
Out of course lodgements via the originating account may be made, but if, for any reason, more than EUR1,000 is lodged in any month, the entire lodgement which brought the aggregate lodgements in that month over the EUR1,000 limit will be rejected before it reaches the account and will be returned to the originating account.
Withdrawals
Withdrawals from the account can be made at any time, however to qualify for the bonus only one withdrawal may be made from the account each year between the interest payment dates which are 1st April to 31st March.
Any debit transaction on the account is deemed to be a withdrawal, regardless of its nature.
Where either of the above conditions governing lodgements and withdrawals is not complied with in any year ending 31st March, no bonus interest will be payable in that year. In the following year, subject to compliance with the above conditions, bonus interest will recommence at 10% and incrementally increase thereafter.
Lodgements or withdrawals made by AIB Internet Banking or by AIB Phone & Internet Banking may not appear on the account until the following business day. If the following business day occurs in the next month, the maximum amount which may be lodged to the account that month will be reduced by the amount of the lodgement.
Payment outwards by standing order or by direct debit are not permitted on these accounts. Payment outwards from the account may be made through AIB Internet Banking, by AIB Phone & Internet Banking or at a branch counter. Withdrawals may not be made by ATM
Important/Regulatory Wording
The product features as outlined above supersede any previous offer advertised. Terms and conditions apply.