Fixed Rate Bond rates
Notice Accounts Rates


KEY FEATURES & BENEFITS

• Minimum initial deposit is £25,000. If the balance on your account falls below £25,000 the rate will automatically reduce to 2.00%.

• Additional investments permitted at any time and in any amount subject to a maximum balance of £3million.

• Maximum investment/balance per Instant Quarterly Account and per relationship is £3million.

• Interest rates are variable.

• One penalty-free withdrawal of any amount is allowed, at any time, per calendar quarter (i.e. 1st January to 31st March; 1st April to 30th June; 1st July to 30th September and 1st October to 31st December). Additional withdrawals per calendar quarter are permitted but will incur a penalty equivalent to 90 days' interest calculated on the amount of the withdrawal and using the prevailing rate of interest.
  
  
• Interest accrues instantly on funds received by electronic transfer and after 3 working days on funds received by cheque. Interest is paid annually on 31st December.
  

*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 is likely to be subject to the requirements of the European Savings Directive 2005.  If you are party to a joint account, the whole amount of any interest paid will be subject to the Directive even if the other accountholder(s) is/are non-EU resident for tax purposes.

From 1st July 2005, 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 or disclose your account.  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.  The appropriate declaration will be supplied upon request. 

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.