Lump Sum Deposit Accounts
Our Lump Sum Deposit Accounts allow you the freedom to save separately to your share account while earning interest (rate is variable). There is one year, two year and three year options available. Details on each are provided below.
We’re here to help you earn interest on your lump sum.
At your credit union savings are an integral part of how we operate and provide our services. We have a lump sum saving option for you. Whether you are saving for something specific, or want to build a ‘rainy day fund’, we can help.
Talk to us today about our Lump Sum Deposit Accounts.
Members must hold a minimum balance of €50 in a Share Account before a Lump Sum Deposit Account can be opened. Only one lump sum lodgement allowed for the term of the account. Members can have one of each Lump Sum Deposit account option. Members can have up to a maximum of €100,000 across all their credit union accounts.
One Year Lump Sum Deposit Account
Rate of 1.3% (AER 1.3%) | Gross Return 1.3%
Term of 1 year
Minimum lodgement amount of €5,000
Maximum lodgement limit of €90,000
Our AER calculation assumes that the account funds are held until maturity, the rate on maturity will be the prevailing nominal and variable rate on offer at that time. Interest is calculated on a 365-day basis.
* The rate of 1.3% is paid only on condition that the account is held to full term. Where the account is closed before the end of the full term, early, interest is limited to 50% of the fixed interest rate accrued up to the date of closure.
One Year Lump Sum Deposit Account terms and conditions available here – Terms & Conditions
Two Year Lump Sum Deposit Account
Rate of 1.6% (AER 1.59%) | Gross Return 3.2%
Term of 2 years
Minimum lodgement amount of €5,000
Maximum lodgement limit of €90,000
Our AER calculation assumes that the account funds are held until maturity, the rate on maturity will be the prevailing nominal and variable rate on offer at that time. Interest is calculated on a 365-day basis.
* The rate of 1.6% is paid only on condition that the account is held to full term. Where the account is closed before the end of the full term, early, interest is limited to 50% of the fixed interest rate up accrued to the date of closure.
Two Year Lump Sum Deposit Account terms and conditions available here – Terms & Conditions
Three Year Lump Sum Deposit Account
Rate of 1.7% (AER 1.67%) | Gross Return 5.1%
Term of 3 years
Minimum lodgement amount of €5,000
Maximum lodgement limit of €90,000
Our AER calculation assumes that the account funds are held until maturity, the rate on maturity will be the prevailing nominal and variable rate on offer at that time. Interest is calculated on a 365-day basis.
* The rate of 1.7% is paid only on condition that the account is held to full term. Where the account is closed before the end of the full term, early, interest is limited to 50% of the fixed interest rate accrued up to the date of closure.
Three Year Lump Sum Deposit Account terms and conditions available here – Terms & Conditions
Other Information
Annual Equivalent Rate (AER) shows the real interest you will earn on savings at the end of a year. AER is the amount of interest earned in a year. AER is useful for comparing the return on savings accounts because it shows how much is earned regardless of how often interest is credited to an account. It is standard practice in Ireland to list interest as AER for savings accounts. You may earn less than the AER because your money may not be invested for a full year. AER is usually quoted without taking DIRT into account.
Rates quoted are variable. Interest is subject to Deposit Interest Retention Tax (DIRT), at the prevailing rate where applicable. For more information please visit: www.revenue.ie
Contact us for more details on how you can apply for a Lump Sum Deposit Account.