Frequently Asked Questions
- How are my deposits protected?
- What should I do to make sure my telephone banking is secure?
- How do I switch money from my previous savings account to open an Anglo Irish Bank Fixed Rate Bond?
- Am I entitled to receive tax-free interest on my Fixed Rate Bond?
- Why do I need to provide so much identification documentation?
- How can I change the details of the account that I use to make electronic transfers to and from my Anglo Irish Bank Fixed Rate Bond?
- Does the interest rate change? How does it affect my lump sum?
- How is interest calculated and when is it credited to my Fixed Rate Bond?
- Can I make additional lodgements to my Fixed Rate Bond after opening the Bond?
- Can I make withdrawals after opening my Bond?
- How can I change any of the original details supplied on my application form?
- Can I set up a Power of Attorney or act as a third party for a depositor with Anglo Irish Bank?
- How can I contact you?
1. How are my deposits protected?
All UK deposits at Anglo Irish Bank benefit from protection under two deposit protection schemes; the Irish Deposit Protection Scheme and the UK Financial Services Compensation Scheme. Most banks regulated in the UK and Ireland are protected by either or both of these compensation schemes.
Our customers receive protection through the Irish Deposit Protection scheme up to €100,000 per individual depositor per bank.
Anglo Irish Bank Corporation plc is authorised by the Financial Regulator in Ireland and by the Financial Services Authority; regulated by the Financial Services Authority for the conduct of UK business. We also subscribe to the Banking Code and copies of the code are available on request, or from the BBA website. We are also members of both the Irish Deposit Protection Scheme and the UK Financial Services Compensation Scheme.
Irish Deposit Protection Scheme
Financial Services Compensation Scheme
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2. What should I do to make sure my telephone banking is secure?
Our telephone banking service is safe and secure, but you can take steps to ensure that no one gains access to your financial information.
If you phone us you will be asked to identify yourself using random characters from your memorable password. However if we phone you we will never ask you for your security details i.e. your memorable password. NEVER reveal this information to anyone who contacts you. Instead, please call our Personal Savings Team on 0845 455 22 22.
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3. How do I switch money from my previous savings account to open an Anglo Irish Bank Fixed Rate Bond?
The first thing to do is contact your current bank and give them notice (if required) that you wish to make a withdrawal.
Then, simply go to our Open a Fixed Rate Bond page and enter your details.
If you have any further questions contact our Personal Savings Team.
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4. Am I entitled to receive tax-free interest on my Fixed Rate Bond?
If you are a taxpayer, tax at the lower rate is already deducted from your interest. If your application is in a sole name, and you are exempt from paying tax on your interest, you must fully complete and return an Inland Revenue R85 form. If your application is in joint names, and you are both exempt from paying tax on your interest, you must each fully complete and return an individual Inland Revenue R85 form.
If your application is in joint names, but only one party is exempt from paying tax on your interest, we can pay part of your interest net and part gross, providing the exempt party has fully completed and returned an Inland Revenue R85 form.
If you have several Bonds or other accounts with us, you will need to complete an Inland Revenue R85 form for each Bond or account.
Inland Revenue R85 tax forms are available from the Inland Revenue website: http://www.inlandrevenue.gov.uk/menus/otherforms.htm or by phoning our Personal Savings Team on 0845 455 22 22.
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5. Why do I need to provide so much identification documentation?
The UK has strict codes of banking conduct to help prevent fraud and money laundering. We need the proofs of identity - that we ask you to provide so that we can confirm you are who you say you are and to comply with the legal requirements.
Proof of Identity - Fixed Rate Bond
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6. How can I change the details of the account that I use to make electronic transfers to and from my Anglo Irish Bank Fixed Rate Bond?
Simply inform us in writing of your new account details and supply us with an original statement from this account, dated within the last three months.
This account must be in the name of the Anglo Irish Bank Fixed Rate Bond holder.
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7. Does the interest rate change? How does it affect my lump sum?
The interest rate on this Bond is fixed at the beginning of the term and will apply for the full term of the Bond. This will ensure that you always know what return you are earning on your lump sum.
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8. How is interest calculated and when is it credited to my Fixed Rate Bond?
For 3, 6 and 9 month Bonds, interest is calculated on a daily basis on the cleared balance in your Bond and the interest is added to your Bond on maturity.
For 1 to 5 year Bonds, interest is calculated on a daily basis on the cleared balance in your Bond and the interest is added to the Bond on its anniversary and every year thereafter until maturity.
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9. Can I make additional lodgements to my Fixed Rate Bond after opening the Bond?
No additional lodgements are allowed after opening the Bond. If you would like to find out about opening additional Bonds please contact us
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10. Can I make withdrawals after opening my Bond?
Withdrawals are not permitted from 3, 6 and 9 month Bonds. If you need to withdraw some or all of your savings from your 1 to 5 year Bond, for example in the event of an emergency, an early withdrawal penalty will be charged. This is based on the period of time remaining between the date of the required withdrawal and the maturity date of the Bond, and is calculated as follows:
| Period remaining to maturity |
| Less than 1 year | Less than 2 year | Less than 3 year | Less than 4 year | Less than 5 year |
| Interest deduction for early withdrawal |
| 60 days interest | 90 days interest | 120 days interest | 150 days interest | 180 days interest |
If the interest accrued in your Bond is not sufficient to cover this charge, the balance of the withdrawal penalty deduction will be taken from your lump sum.
The following is an example of an early withdrawal penalty:
- The original Bond was for a 5 Year Term opened on 1 January 2005 for £10,000
- A withdrawal was required for emergencies on 1 July 2007 for £5,000
- The penalty is calculated based on 120 days of interest on the £5,000 withdrawn, at the interest rate of your bond
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11. How can I change any of the original details supplied on my application form?
Simply inform us in writing and supply us with updated identification documentation. For example, should you change your residential address, please provide an original and recently dated document stating your new address.
Please note that for a change of address we will confirm this information after receipt, by writing to you at both your old and new address, to ensure the security of your account.
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12. Can I set up a Power of Attorney or act as a third party for a depositor with Anglo Irish Bank?
Yes. All we require is a fully certified form of ID, such as a passport or driving licence, and one address verification document. We also require a proof of address for the account holder. Please also provide us with a certified copy of the power of attorney contract or trust deed that authorises you to act on behalf of the account holder.
If the account holder is unable to provide an address verification document, we require an official letter from where the account holder lives, for example; the nursing home or hospital, confirming how long they have lived there. The only circumstances in which a 3rd party can operate the account of an other person is where Power of Attorney has been granted and all the above documents have been provided to us.
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13. How can I contact you?
- By telephone, you can talk to a member of our Personal Savings Team on
0845 455 22 22 (8am - 8pm, Monday - Friday, excluding bank holidays in England and Wales) - By post, you can write to us at:
Anglo Irish Bank,
FREEPOST LON21430,
London,
EC2B 2QB.
(Postage is not required).
If you have any other queries please contact our Personal Savings Team on
0845 455 22 22 (8am - 8pm, Monday to Friday, excluding bank holidays in England and Wales)
We'll deal promptly with any of your service or transactional enquiries.