Special Term Account

What is A Special Term Account?

This is a deposit account where you place a single sum of money on deposit for 3 or 5 years with the potential to earn your interest, subject to limits below, tax-free.

How does it work?

The minimum amount you need to open a Special Term Account is EUR 6,000, the maximum amount is EUR 25,000. You will not be able to make any further lodgements to the account during the term.

You have a choice of two options:

A Medium Term option where your money is placed on deposit for a fixed term of 3 years.
A Long Term option where your money is placed on deposit for a fixed term of 5 years.

Can I make withdrawals from a Special Term Account?

No withdrawals can be made from Special Term Accounts during the term, except for withdrawals of interest where you have indicated to us on account opening that you wish your interest to be paid into another bank account.

Tax Free Interest

With the Medium Term Special Term Account, you are entitled to receive the first EUR 480 interest earned per annum Deposit Interest Retention Tax (DIRT) free. With the Long Term Special Term Account, you are entitled to receive the first EUR 635 interest earned per annum Deposit Interest Retention Tax (DIRT) free.
Tax at the prevailing Deposit Interest Retention Tax (DIRT) rate will be deducted from interest earned in excess of these figures but you will have no further income tax liability on this excess interest. You will also have no liability to PRSI or levies on this interest.
If you or your spouse are aged 65 or over in the current tax year, or are permanently incapacitated, and you are exempt from income tax, you may apply to have the interest on the account paid without deduction of DIRT.

Interest Payments

You receive a variable rate of interest on the money in your account, which is calculated daily and credited twice a year to your Special Term Account in April and October. Alternatively, if you wish, you can nominate to have your interest paid into another bank account and we will credit the interest into that account in April and October.

How to open a Special Term Account

• Call into your local AIB branch to open a Special Term Account.
• You must be 16 years or over to open this account.
• You must have an AIB Personal Current Account, AIB Cashsave Account or an AIB Demand Deposit Account to open an AIB Special Term Account.  If you do not have an existing suitable account with AIB, you need to open an AIB Personal Current Account, or AIB Demand Deposit Account. In order to comply with legislation to combat money laundering and terrorist  financing, we will need to see suitable documentation to verify your identity and your current permanent address.
• Please see our Related Information Section (at the top of this page) for further product information for:

> AIB Personal Current Account
> AIB Demand Deposit Account

Important / Regulatory Notice

Terms and conditions apply.  Rates quoted are variable. AER is annual equivalent rate.  Interest is subject to DIRT where appropriate at the prevailing rate (for more detailed information please visit www.revenue.ie)

• Terms and Conditions for the Special Term Account
• AIB Terms of Business
• Financial Regulator
• www.revenue.ie

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