Personal Banking Terms & Conditions - FAQs

A negative interest rate is an interest rate that is less than zero. This means that where a negative interest rate applies to your account, we deduct interest.

We are updating the Terms & Conditions to allow us to potentially apply negative interest rates in the future.

If a decision is made to apply negative interest rates, we will provide you with 60 days’ notice by text, email, letter or through our Digital Services. We have updated the interest rate change notice period clause, to reflect this change. In this communication we will clearly outline:

• - what the rates will be, and

• - the circumstances in which negative rates will apply.

  • e.g. which Deposit Accounts are subject to negative rates and at what balance the negative rates will begin to apply.

You’ll find the latest Deposit Account Rates here.

For Notice Deposit Accounts, Regular Saver Accounts and Demand Accounts any negative interest due to us will be automatically deducted from your account balance each month or on closure of your account. This will reduce the balance in your account.

For Fixed Term Accounts, any negative interest due to us will be deducted from the balance at the end of your fixed term. The amount of negative interest applied will be noted on your Fixed Term Confirmation Letter.

We will provide you with 60 days’ notice by text, email, letter or through our Digital Services of any future reduction in the interest rate applied to your Deposit Account.

Your Fixed Term Account may be reinvested in a Demand Deposit Account or a similar Fixed Term account. This will be outlined to you in a letter which issues in advance of maturity of your account.

We may close the Account or block payments if there has been no transaction on your Account for more than 6 months and the account balance is less than €10.  We will send you a separate communication in advance if these circumstances arise.

We will no longer allow cheque withdrawals from Deposit and Current accounts. You can continue to request payments by Credit Transfer. Cheque reissues may be facilitated on request. The Current Account Fees and Charges booklet has not been updated to reflect any changes to cheques, as fees may apply where cheques are reissued or issued in exceptional circumstances.

We will provide you with at least 30 days’ notice of any withdrawal or amendment to the credit card reward feature by text, email, letter or through our Digital Services.