Frequently Asked Questions
- How is Anglo Irish Bank regulated?
- Important information about compensation arrangements
- 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?
- 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?
- 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?
- When will I receive statements/interest certificates?
- How can I contact you?
1.How is Anglo Irish Bank regulated?
Anglo Irish Bank is authorised by the Central Bank of Ireland and is subject to limited regulation by the Financial Services Authority in the UK. Details about the extent of our regulation by the Financial Services Authority are available from us on request.
On 1st November 2009, the Financial Services Authority introduced a new set of Rules and Guidance by which they will supervise Banks which accept Retail Deposits in the UK. The new Rules and Guidance are referred to as the Banking Conduct of Business Rules (“BCOBS”) and they place particular emphasis on the fair treatment of customers.These regulations replace the Banking Code (a voluntary code to which we were a signatory), which regulated savings accounts and was enforced by the Banking Code Standards Board (“BCSB”). With effect from 1stNovember 2009 our Terms and Conditions must comply with both the Payment Services Regulations and BCOBS. As a result BCSB will not have any responsibility over savings products from 1stNovember 2009.
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2.Important information about compensation arrangements
We are part of Anglo Irish Bank Corporation Limited which is based in Ireland. Most depositors are covered by The Irish Deposit Protection Scheme which is also based in Ireland.
This means that if our bank is unable to meet its financial obligations, our eligible UK depositors would be entitled to claim up to €100,000 of a depositor’s total deposits with Anglo Irish Bank Corporation Limited from The Irish Deposit Protection Scheme. This equates to approximately £86,000.00 as at 30 September 2010 exchange rates.
For further information about The Irish Deposit Protection Scheme (including the amounts covered and eligibility to claim) please contact us or refer to the consumer section of www.financialregulator.ie.
3. What should I do to make sure my telephone banking is secure?
Our telephone banking service is safe and secure, but you should 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 and other questions based on information we hold about you or your Account. However if we phone you we will never ask you for your security details i.e. your memorable password. NEVER reveal your password to anyone who contacts you. Instead, please call our UK customer service team on 0845 455 22 22.
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4. 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 UK customer service team.
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5. 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 Form R85. 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 Form R85.
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 Form R85.
If you have several Bonds or other accounts with us, you will need to complete an Inland Revenue Form R85 for each Bond or account.
Inland Revenue Form R85 is available from the Inland Revenue website: http://www.inlandrevenue.gov.uk/menus/otherforms.htmor by phoning our UK customer service team on 0845 455 22 22.
If your Bond is classed as a Qualifying Time Deposit ("QTD") you will receive your interest gross with no tax deducted. You will be responsible for forwarding the relevant tax information to HM Revenue and Customs. Please visit www.hmrc.gov.uk or call them on 0845 900 0444 for more information, or contact your tax advisor or local tax office.
Please refer to our FAQs for Qualifying Time Deposits for more information on "QTD" accounts.
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6. What if I would like to change my nominated bank account?
You should complete a Nominated Bank Account Form, which you can download here or call our UK customer service team on 0845 455 22 22 and we'll post it out to you.
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7. How is interest calculated and when is it credited to my Fixed Rate Bond?
Your interest is paid annually on the bond's anniversary. Your annual statement is sent out at the same time. The interest rate is set at the beginning of the term and remains unchanged until your Bond maturity.
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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8. 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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9. 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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10. What if my personal details change?
You should complete a Change of Address Form, which you can download here or call our UK customer service team on 0845 455 22 22 and we'll post it out to you.
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11.When will I receive statements/interest certificates?
Annual statements are issued to our Fixed Rate Bond customers annually on the anniversary of the Bond opening date. Certificates of interest for tax purposes are available on request. We have been advised by HMRC that the annual statement sent as set out in Clause 11 of the Terms and Conditions is sufficient for you to provide HMRC with tax information. Duplicate statements, confirmations or certificates of interest can be obtained free of charge by calling our UK customer service team on 0845 455 22 22.
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12. How can I contact you?
- By telephone, you can talk to a member of our UK customer service 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 UK customer service 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.