Deposits and interest
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Interest is paid gross, without the deduction of income tax.
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For terms of one year, interest will be paid at the end of the term. If you choose an investment term of longer than one year:
- By default, interest will be added to your bond annually and be available for withdrawal at the end of the fixed term
- Alternatively, you can choose to have your annual interest paid into a linked bank/building society account. You can select this option on the application form. If you choose to have your annual interest paid into a linked account your total return will differ due to interest not compounding
Please note: interest is payable once your account has opened and your initial deposit has cleared.
Withdrawals and charges
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Before opening a Growth Bond you should be sure that you will be able to leave your deposit untouched for the whole term. However, if in exceptional circumstances you need to withdraw all your money it may be possible, subject to approval.
By exceptional circumstances we mean an event outside your control, that you could not have reasonably foreseen when you opened the bond that is likely to cause you significant financial or personal detriment, eg bankruptcy or diagnosis of a terminal illness.
For clarity a house purchase would not typically classify as an exceptional circumstance unless failure to purchase the house would cause you significant personal detriment.
All closure requests must be sent in writing to us and include an explanation of the exceptional circumstance surrounding your request. We may ask for evidence and/or further information to be provided. Early closure is usually subject to a breakage fee. If the interest earned doesn't cover this, you may get back less than you put in.
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There are no charges or fees, other than a breakage fee if you need to make a withdrawal, due to exceptional circumstances, during the fixed term.
Closing your account
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We’ll write to you shortly before your bond matures to let you know the date of maturity and how much will be maturing. If you chose not to reinvest, we’ll put your funds into a variable rate savings account where you can access your savings when you choose by post, phone and online.
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Any customers (or their representatives) who wish to reclaim their balance can do so in one of two ways:
- Fill out a reclaim form and send it to Post Office Savings, PO Box 87, Armagh, BT61 0BN
- Call us on 0800 169 7500 to see if we can return your balance over the phone. For security and protection, we can only do this if certain criteria are met, which we’ll confirm when we speak to you. If you held a joint account, please make sure both account holders are present
Calling 0800 numbers: All calls to 0800 numbers are free of charge whether made from a landline or mobile phone. Calls may be monitored or recorded for training and compliance purposes.
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If you’re facing a bereavement, we’re here to support you. Please let us know as soon as possible in one of two ways:
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Complete our online form on the Bank of Ireland UK website. As the provider of our savings products, they will help with your request
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Call our team on 0800 169 7500 (available Mondays to Fridays from 9am – 7pm and Saturdays from 9am - 2pm (closed Sundays)
We’ll use the information you have provided for identification purposes only in dealing with you in your role as the deceased customer’s Executor/Administrator or Nominated Next of Kin.
Please read our privacy notice for full details on the types of personal information we collect, how we use it and who we may share it with.
Calling 0800 numbers: All calls to 0800 numbers are free of charge whether made from a landline or mobile phone. Calls may be monitored or recorded for training and compliance purposes.
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