Notice Account rates
Instant Quarterly Account


KEY FEATURES & BENEFITS

• Minimum investment per Fixed Rate Bond is £50,000.
  
  
• Maximum investment per Fixed Rate Bond and per relationship is £3million.  Larger sums may be accepted subject to prior arrangement.
  
  
• The interest rate is determined at the outset and fixed throughout the term no matter what happens to market interest rates.  This provides you with an assured return at maturity enabling you to forecast your income with certainty.
  
  
• Whilst additional investments to the Fixed Rate Bond are not permitted, additional Bonds can be opened subject to the prevailing minimum investment requirement.
  
  
• Partial withdrawals are not permitted during the term of the Bond.
  
  
• Where the Bond is broken, in full, prior to maturity there will be a forfeiture of 50% of the accrued interest as at the date of closure.
  
  
• Interest is calculated daily and accrues from the date of the investment, regardless of the type of remittance we receive.
  
  
• Interest is paid at maturity, which will be on the anniversary of the account, or the first working day thereafter.
  
  
• Two weeks prior to maturity we will notify you of our prevailing interest rates and ascertain your instructions to re-invest or withdraw.  You will be given until two weeks after maturity to make your decision.  After which, the Bond will be locked in for a further year.

*AER stands for annual equivalent rate. This is a notional rate that shows what the rate of interest would be if it were paid and compounded on an annual basis.

**The gross rate is the contractual rate and the rate before tax.


TAXATION OF INTEREST

A. Non-EU residents

Under current legislation, interest is paid gross (no deduction of tax at source) on all products. It is your responsibility to declare the interest you receive to the relevant tax authorities.

B. EU resident individuals

If you are an individual and are resident in an EU Member State for tax purposes, the operation of your account will be subject to the requirements of the European Savings Directive 2005.

From 1st July 2005, under the Directive any interest we pay to you will be subject to a retention tax. The current rate of retention tax is 15%. On 1st July 2008 this will rise to 20% and from 1st July 2011 thereafter will be 35%.

As an alternative to paying the retention tax you may:

(a) elect to have information on your account disclosed to the relevant tax authority in the EU. The information disclosed to the relevant authority will comprise your identity, address, tax or other identification number (if available, your Irish Nationwide (IOM) Limited account number and the gross amount of interest paid to you
OR
(b) provide us with a certificate from your EU tax authority that authorises us not to deduct the retention tax. Such a certificate will be valid for up to 3 years and will need to be renewed where necessary. The certificate must refer specifically to you and your account number(s) with Irish Nationwide (IOM) Limited.

C. UK resident individuals but non-UK domiciled

If you are resident in the UK but not domiciled there (by birth) you may be eligible to be excluded from the requirements of the Directive provided you do not remit your offshore interest into the UK. Click here to download the appropriate declaration which should accompany your application.

D. EU resident companies and trusts

Under current legislation, companies and most Trusts are excluded from the European Savings Directive and will, therefore, receive their interest gross (no deduction of retention tax). However, Interest in Possession Trusts (where a beneficiary has the immediate and absolute entitlement to an interest payment) are not exempt and trustees should seek professional advice on their tax status before completing an application form.

E. Isle of Man residents

Interest will be paid gross (no deduction of retention tax) to individuals, companies and trustees. However, under current Isle of Man legislation, interest paid to Manx residents, including companies and trustees, is already reported to The Assessor of Income Tax and this arrangement remains in force.