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What is a savings account?
A savings account is a bank account where you can keep your money safe and also make it grow. The purpose of a savings account is to help you save money for things you might need in the future or unexpected situations.
When you put your money in a savings account, we pay you interest. We add it to your savings account every year in March.
The money you put in a savings account should be money you don't need right away. By saving and earning interest, you can watch your money grow and reach your goals over time.
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How does a savings account work?
With a savings account, you can add your money and make it grow. We will pay you interest for keeping your money with us.
The interest you earn is based on how much money you have in your account and the interest rate we set. The more money you have in your account the more interest you will earn.
With the KidSave and Classic Saver, you can add more money to your account whenever you want. If you need your money, you can take it out, but be sure to check our terms and conditions first. You can find them here.
With the Fixed Term Deposit and Limited Edition Fixed Term Deposit, you will not be able to add more money once you have made your deposit, nor will you be able to withdraw it before the fixed term has ended.
- How to open a savings account?
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What documents do I need to open an account?
By law we need to confirm your identity and address. A list of documents we can accept can be viewed here. We may also carry out an electronic check to verify you. More details can be found in our Privacy Notice.
- How to calculate interest on savings account?
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What happens to the interest I earn?
Any interest you earn on your savings will be added to your account in March each year. All interest is paid gross based on current law and HMRC practice. This may change without notice. You will be kept informed of any changes.
Further information is available from the HMRC GOV.UK website.
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Does opening a savings account affect your credit score?
When you have a savings account, it doesn't affect your credit score directly. Savings accounts are not like credit accounts. They aren't reported to the companies that keep track of credit information, and they don't affect how your credit score is worked out. Your credit score is mainly based on how you handle credit products like loans, credit cards, and mortgages. However, having a good savings account and being responsible with your money can indirectly help your creditworthiness. It shows that you are financially stable and prepared for unexpected expenses or paying off debts.
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What is the minimum age requirement to open a savings account?
Our Classic Saver is designed for those aged 12 and above. An account opened for a child aged 12 to 16 needs consent from their parent. We will need proof of identity and address for both the child and parent.
Our KidSave account is designed for children aged 0-11. The account must be in the sole name of the child. All KidSave accounts must be opened and operated by the adult representative on behalf of the child. The adult representative must hold parental responsibility for the child.
Our Limited Edition Fixed Term deposit is designed for any age. An account opened in the name of a child under the age of 16 must be opened and operated by an adult representative on behalf of the child until the child attains the age of 16. The adult representative must hold parental responsibility for the child. Once the child has attained this age, only the child can operate the account.
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What documents are required to open a savings account?
To open a savings account we will ask for proof of identity and proof of address. This is because we have certain legal responsibilities to fulfil.
Where the account is opened and managed by an adult representative or where parental consent is required, we will need proof of identity and address for both the parent and the child.
A list of acceptable documents can be found here.
- Can I open a savings account online?
- Are there any fees associated with a savings account?
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Can I withdraw money from my savings account at any time?
There is no limit on the number of withdrawals you can make from a Classic Saver or KidSave account.
You cannot withdraw or transfer money from your Limited Edition Fixed Term Deposit once it is open. Make sure you do not need the money during this time. If you want to pay in more money, you can open a new account.
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Are joint savings accounts available? How do they work?
Yes, joint accounts are available if both parties are over the age of 18. You can find more details in our Terms and Conditions for Savings Accounts document.
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Are there any restrictions on using a savings account for business purposes?
The KidSave, Classic Saver, Fixed Term Deposit and Limited Edition Fixed Term Deposit accounts are intended for personal use only. We offer a range of products for business purposes.
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Can I use my savings account for international transactions?
Savings accounts can be used for international transactions. Daily and/or transaction amount limits apply and are advised when you use the service. To find out more, refer to our Guide To Personal Banking.
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Can I open a savings account if I have bad credit?
Yes, you can open a savings account with us if you have bad credit. Unlike loans or credit cards, savings accounts do not involve credit and so we do not perform a credit check when opening a savings account.
- What is the process for closing a savings account?
How your account works
What is an ISA?
ISA stands for Individual Savings Account. ISAs were introduced by the Government to give people a tax-efficient (exempt from UK Income Tax and Capital Gains Tax) way to save for the future. There are different types of ISAs, to see the complete list, please visit www.gov.uk/individual-savings-accounts/overview. The Online ISA is a cash ISA.
How much can I pay into my Online ISA?
The annual ISA limit for the 2024/25 (6 April to 5 April) tax year is £20,000. You can save up to £20,000 tax free per tax year subject to savings you have in other ISAs.
For example, if you have half of this years’ limit in a cash ISA with one provider, you can put the other half into a stocks and shares ISA with the same or another ISA provider.
Do I pay tax on my savings in my Online ISA?
The interest you earn in an ISA is tax-free. This means that the interest paid to you will be free of UK Income Tax and Capital Gains Tax.
How does the Online ISA work?
You can only manage your Online ISA online. Once your account is open you can either:
- Put all your money in a Easy Access or Fixed Rate product within the Online ISA
- Split your savings across multiple Easy Access and/or Fixed Rates
When your ISA is open and you have logged in, you’ll be able to:
- Make more deposits (if allowed)
- Transfer in other Cash and Stocks and Shares ISAs
- Open new Easy Access and Fixed Rate products
- Move money between Easy Access or Fixed Rate products(if allowed)
- View your personal details
- View and create statements
- View important ISA documents
You’ll be able to change your home address, email address or phone number yourself. If you want to change any other personal details you’ll need to send us a secure message.
What does the Holding Account do?
Each Online ISA comes with a Holding Account. This is a temporary home for your money while you decide what to do next, because of this the interest rate will be lower than you could earn in other Fixed Rate or Easy Access products. Your savings will be moved to your Holding Account when your Easy Access or Fixed Rates are closed, such as at the end of a fixed term if you have a Fixed Rate.
You can use the Holding Account for:
- Combining your funds before you pay into a Easy Access or Fixed Rate product.
- Splitting your funds across a number of Easy Access or Fixed Rates within your ISA.
Combining your funds
If you have a number of ISAs with different providers, you could move all your funds into your Holding Account. This then gives you a single, larger sum to use as a single deposit.
Splitting your funds
You can pay a lump sum into your Holding Account. You can then deposit these funds across Easy Access or Fixed Rates.
For example, if you had £20,000 you could split this to suit your needs, such as paying:
- £5,000 into Easy Access
- £5,000 into 1 Year Fixed Rate
- £10,000 into 2 Year Fixed Rate
Please note, the Easy Access and Fixed Rates and their rates of interest on offer can be changed or withdrawn at any time. If you are using the Holding Account to combine or split your savings before opening an Easy Access or Fixed Rate product, there is a risk the Easy Access and Fixed Rate or rate of interest you wanted will no longer be available by the time any funds are received.
What is a Nominated Account and why is it needed?
When applying for the Online ISA, you will need to setup a Nominated Account. This is usually your current account. If you make a withdrawal or close your ISA, your money will be sent to this account. This account must be a personal bank or building society account in your name. It can be a sole or joint account.
We will try to electronically verify this account. If we are not able to, we will ask you to send us more information by post, e.g. a bank statement. We can only pay funds out to a Nominated Account that has been verified. If your account has not been verified it could delay funds being sent to you.
The Nominated Account can be changed at any time by logging in and sending us a secure message.
How is interest paid?
Easy Access (including Holding Account)
Interest is calculated daily and will be paid on the 20th March each year.
Fixed Rate
Interest is calculated daily and will be added to the Fixed Rate on the anniversary of the start date each year and on the date the fixed term ends. At the end of the fixed term the balance of the Fixed rate including interest, will be paid into the Holding Account.
Are there any fees or charges?
We do not charge for any of our standard services. This is outlined in our Online ISA T&C’s.
A Breakage Charge may be applied for early closure of a Fixed Rate product. Early closure includes closing a Fixed Rate product during its fixed term and transferring or closing your Online ISA while you have funds in a Fixed Rate product. Early closure does not include closure within the first 14 days of opening if you change your mind.
If a Breakage Charge is applied, it will be paid from any interest earned. If there is not enough interest to cover the Breakage Charge, it will be taken from the balance of the Fixed Rate product. This means you will get back less than you paid in.
Details of the Breakage Charge can be found in the Summary Box. The Breakage Charge equals 90 or 180 days’ loss of interest, depending on the length of the fixed term. The Breakage Charge will be worked out on a 365-day year.
Charges may change in the future. For more details about this, please see summary box.
How are savings in my Online ISA protected?
Details of how your savings are protected can be found in The Deposit Information Sheet which contains:
- Information on how savings within the ISA are protected
- Details of how your money is protected with Bank of Ireland UK, the ‘ISA deposit taker’
OneFamily hold initial Cheque and Debit Card payments in an account held with NatWest, and then transfer the money to Bank of Ireland UK. This is also what happens with a transfer cheque from another ISA provider.
Please note during this period any money you hold in other accounts with NatWest will count towards compensation limits.
You can find out more about how your money is protected when it’s held in a bank or building society account by going to the Financial Services Compensation Scheme (FSCS) website at www.fscs.org.uk
Who are OneFamily?
OneFamily is the ISA Manager for the Online ISA. They manage and service the ISA on our behalf.
One Family is a trading name of Family Assurance Friendly Society Limited, of which Family Equity Plan Limited is a subsidiary. Family Equity Plan Limited is authorised and regulated by the Financial Conduct Authority. The registered address of OneFamily is 16-17 West Street, Brighton, BN1 2RL, United Kingdom.
Money paid into the Online ISA is deposited with Bank of Ireland UK.
How do I make a complaint?
If you need to make a complaint, please contact us and we will do everything we can to resolve your complaint as quickly as possible, but please allow up to 5 working days for a reply. When we first contact you, we will send you a summary of the procedures that we will follow when resolving your complaint. A copy of these procedures is also available on request. You can contact us by logging into your account online and sending us a secure message, or you can write to us at Bank of Ireland UK Savings, PO Box 5417, Brighton BN50 8HP or call us on 0333 2205069*.
* Lines are open 9am-7pm weekdays and 9am-1pm on Saturdays. Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.
If you are not satisfied with the response to your complaint, you may be able to refer it to the Financial Ombudsman Service.
Making a complaint won’t affect your legal rights.
You can contact the Financial Ombudsman Service by writing to:
- Post – Financial Ombudsman Services, Exchange Tower, London E14 9SR
- Phone – 0300 123 9123
- Email – complaint.info@financial-ombudsman.org.uk
- Website – www.financial-ombudsman.org.uk
What happens if my Online ISA was previously an AA ISA?
If your AA ISA was still open on 5th November 2024, it’s now been rebranded to a Bank of Ireland UK Online ISA. Your account number has not changed and you can still use your existing username and password to login. For more information you can use the Login button above to log into your account and see the secure messages sent to you about the rebrand.
Accessing and managing your account
How do I log in to my Online ISA?
To log in to your Online ISA you will need your username and password that you chose when opening your account. You will be asked to confirm some information from your memorable questions.
You can reset your username and password on the login page. If you need help, please call 0333 2205069*.
*Lines are open 9am-7pm weekdays and 9am-1pm on Saturdays. Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.
What do I do if I can’t remember my login details?
If you can’t remember your username, please select the ‘I have forgotten my username’ option on the log in page. If you can’t remember your password, please select the “I have forgotten my password” option.
If you need any help, please call us on 0333 2205069*.
*Lines are open 9am-7pm weekdays and 9am-1pm on Saturdays. Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.
How do I change my address or personal details?
You can change your email address, home address or phone number by logging in to your Online ISA and then visiting the ‘Personal Details’ page.
For a change of name or date of birth you will need to provide us with certified proof. Please see the How do I certify my documents? FAQ for more information on what we’ll need to see.
Once certified, please send your documents to us at:
Bank of Ireland UK Savings, PO Box 5417, Brighton BN50 8HP
Why do I need to provide proof of my identity?
Proof of identity is required for fraud prevention purposes and to help comply with anti-money laundering laws. If proof of identity is requested and you don’t provide it, your account activity may be limited. This could impact deposits, withdrawals, transfers, or account closure requests. Further information can be found in the Online ISA terms and conditions in section 3 – Proof of identity.
How do I change my Nominated Account details?
To change your Nominated Account, log in to your Online ISA and send the new details by secure message.
Please send us a secure message with your new sort code, account number and account name. Any time we receive new Nominated Account details these will be verified electronically. More details can be found in our Privacy Notice.
Please be aware that if we cannot verify your Nominated Account electronically, we’ll ask you to provide further supporting information (e.g. a current bank statement) before we can update your details and before we can process any withdrawal or account closure.
We’ll always send a confirmation message when your account details have been updated.
How do I certify my documents?
We can only accept photocopies of documents where each page has been certified. This means that the photocopy itself needs to be certified in original ink.
Any documents that are not correctly certified will be returned. Please do not send original documents as we are unable to guarantee their safe return.
Please send the required information to:
Bank of Ireland UK Savings
PO Box 5417
Brighton
BN50 8HP
You nor a relative can certify your own documents. However, the following people can:
- Accountant
- Barrister or Solicitor
- Bank or Building Society Official
- Commissioner of Oaths/Notary Public
- Justice of the Peace
- FCA registered broker/introducer
- Post Office Official (UK only)
- Attorney
The certifier must:
- Write on each photocopy, ‘I certify this is a true copy’
- State their profession
- Print their name, address, and phone number (staff number/authorised signatory if required)
- Sign and date the photocopy
Acceptable proof of identity and address:
- Current electricity bill (dated within the last three months)
- Current gas bill (dated within the last three months)
- Current landline telephone bill (dated within the last three months)
- Current water/sewerage bill (dated within the last three months)
- Current full old-style UK driving licence (non-photo card type driving licence)+
- Current UK/EU photo card driving licence+
- Correspondence from the DWP/benefits agency (dated within the last six months)
- Bank/building society/mortgage/credit union or credit card statement (dated within the last three months)++
- Local authority correspondence valid for the current year, eg rates/council tax (dated within the last 12 months)
- HM Revenue & Customs/Revenue Commissioners correspondence, eg tax coding notice (dated within the last 3 months). Note P60 and P45 are not acceptable.
+ These items may be used to evidence identity or address, but not both.
++ This item may be used to evidence address and nominated bank accounts.
What happens when my fixed term ends?
We will notify you 14 days prior to the end of your fixed term.
Any funds plus interest earned will move into your Holding Account at the end of your fixed term.
You can then choose to leave the money in your Holding Account, move your funds to one or multiple Easy Access or Fixed Rates within your ISA, withdraw your funds or transfer them to another ISA.
Now’s a good time to review your savings accounts, there may be better rates available to you. You should take the time to think about whether a fixed or variable rate product is right for you.
What happens when my fixed bonus ends?
If your Easy Access includes a fixed bonus, it will be paid as detailed in the summary box provided to you. We’ll let you know 14-days before your fixed bonus comes to an end. Once the fixed bonus has ended, your Easy Access will only earn the variable rate of interest.
Now’s a good time to review your savings accounts, there may be better rates available to you. You should take the time to think about whether a fixed or variable rate product is right for you.
Deposits, withdrawals and transferring ISAs
How do I make additional deposits to my Online ISA?
You can add money to your Online ISA by debit card or cheque (if allowed).
The minimum deposit amount can be found in the Summary Box.
You can see your remaining ISA allowance on the ISA summary screen when you log in.
Can I make a withdrawal from an Easy Access or Fixed Rate product in my Online ISA?
Easy Access
If you have an Easy Access product you can withdraw funds at any time by accessing your account online. Select the Easy Access product you wish to make the withdrawal from on your ‘ISA Summary’ screen or the “Withdrawals and closures” area of your account.
This ISA does not have flexible features. This means once you withdraw money it will lose the tax advantages of ISAs and the money cannot be replaced within this ISA without affecting your annual ISA allowance.
There are no limits on the number of withdrawals you can make from your Easy Access product or the Holding Account.
Fixed Rate
Withdrawals from a Fixed Rate product are not permitted. If you need access to your money during the fixed term, you will need to close it. If you do this you may have to pay a Breakage Charge. If the interest you have earned does not cover this, you will get back less than you put in. Please note, the Breakage Charge will not be applied if you close your Fixed Rate product within 14 days of opening.
Can I transfer my Online ISA?
Yes. You can transfer your Online ISA in full to another ISA at any time. Partial transfers are not allowed. If you are transferring to another ISA provider, you will need to contact your chosen provider to arrange the transfer. If you transfer your ISA while you have a Fixed Rate product still within its fixed term you may have to pay a Breakage Charge. Details of this can be found in the Summary Box.
Can I transfer funds from another ISA provider to the Online ISA?
If you already have an ISA with another provider, you can transfer your savings into your Online ISA. Transferring funds from a previous tax year’s ISA will not affect your ISA limit for this tax year.
You can choose whether to use the transfer to pay into an existing Easy Access, open a new Fixed Rate or put into the Holding Account. Once the funds are in the Holding Account you can split it up across Easy Access and Fixed Rate products.
Before you decide to transfer your existing ISA to us you should check if your current provider will charge a fee.
Can I transfer funds from another Bank of Ireland UK savings account to the ISA?
No. You can move your funds from your Bank of Ireland UK savings account into your current account and then use a debit card or cheque to pay into your Online ISA.
Can I transfer my innovative finance or Lifetime ISA to the Online ISA?
No, currently we’re not able to accept transfers from innovative finance ISAs or Lifetime ISAs.
Closing your ISA
If I change my mind, can I cancel my Online ISA?
You have 14 days to cancel your Online ISA from when you open it. You can tell us you wish to cancel your Online ISA by logging in and sending a secure message.
What happens when you cancel:
- Your Online ISA, and any products you’ve opened within it, will be closed.
- You will receive a full refund of any deposits made, plus interest (tax free).
Any returned deposits will not be regarded as having been paid into the Online ISA, and so will not count towards your ISA allowance for the current tax year.
Can I cancel individual products in the ISA?
You cannot cancel individual products you’ve opened within your Online ISA. This means that, unless you cancel your entire Online ISA within the 14-day cancellation period, any deposits you’ve made into your product(s) will count towards your annual ISA allowance.
You can close any product at any time by logging into your account. When closing a product there are some considerations to think about:
- money paid out of your ISA and to your nominated account will lose any tax benefits and cannot be replaced within your ISA without it affecting your ISA allowance.
- money paid into your holding account within your ISA will keep its tax benefits.
When closing a fixed rate product there may be a breakage charge – please refer to the summary box for more information. If you close within first 14 days of opening, no charge will be applied.
How do I close my Online ISA?
To close your Online ISA please select ‘Close ISA’ from the ‘Withdrawals and Closures’ menu bar. Once closed your money will no longer benefit from the tax advantages of ISAs.
If your ISA contains a Fixed Rate product you may have to pay a breakage fee. Details of this can be found in the Summary Box. This will also be confirmed before you complete your closure request.
If you have not yet verified your nominated account details you will need to provide proof of your nominated account before we can proceed with your Online ISA closure. This means we’ll need you to send us a photocopy of one of the following from your bank, dated within the last three months, showing your name, the bank sort code and your account number:
- A statement
- An online statement
- A letter from your bank
Finally, please write your Online ISA number on the back and post it to us at:
Bank of Ireland UK Savings
PO Box 5417
Brighton
BN50 8HP
