PLEASE NOTE: Interest rates are variable and can change without notice.

Fixed Rate Bond rates
Instant Quarterly Account


KEY FEATURES & BENEFITS

• Normal minimum investment is 25,000 (€ or £) but rates for other amounts are available on request. Please call us to discuss.
  
  
• Maximum investment per Notice Account is 1million (€ or £) with an overall maximum per relationship of 3million (€ or £).
  
  
• Interest rates are variable.
  
  
• Penalty-free withdrawals are available subject to giving the required days’ notice in writing. Alternatively, instant access is available subject to a penalty equivalent to the number of days notice required multiplied by the amount of the withdrawal and using the prevailing interest rate.
  
  
• In addition, one instant and penalty-free withdrawal per calendar year (i.e. 1st January to 31st December) is available up to a maximum amount of 20,000 (£ or €). This provides peace of mind by knowing that most emergencies are covered without the worry of incurring penalties.
  
  
• Interest is calculated daily and accrues instantly on funds received by electronic transfer and after 3 bank/working days on funds received by cheque.
  
  
• Interest is paid annually on 31st December or earlier upon closure.
  

*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 Tax Directive 2005. This required jurisdictions who were party to the Directive to choose one of two possible ways to comply with it; these were to instigate a deposit interest withholding tax regime on accounts (at predefined rates) or to exchange information with the authorities in the country of residence of the accountholder. The Isle of Man chose the withholding tax route at that time, and since the 1st July 2005, any interest paid has been subject to a retention tax. The original predefined rate of retention tax in 2005 was 15%. On 1st July 2008 this rose to 20% and from 1st July 2011 (*) it will rise to 35%.

Under the withholding tax regime, as alternatives to the payment retention tax, Isle of Man accountholders could select one of the following:

(a) 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.

However, please note that with effect from the 1st July 2011, the Isle of Man Government has elected that all accounts held by EU Resident individuals will be subject to an obligatory ‘Information Exchange’ with the relevant tax authority as outlined in (a) above.  There will be no right of ‘opting out’ of this process, but the levy of a retention tax will stop at the same time and interest will once again be paid gross.

C. EU resident companies and trusts

Under current legislation, Companies and most Trusts are excluded from the European Savings Tax Directive and will therefore receive their interest gross (i.e. with 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.

D. 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.