glossary
If you are unsure of the meaning of any terms, this useful glossary may be able to help.
A- L M - Z
| Term | Definition |
|---|---|
| AER | this stands for the Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance each year. |
| ANNUAL INTEREST | annual interest is paid each year on a set date depending on what type of account you hold. Further details are included in your product leaflet, on the product specific pages of the website or by calling the Customer Service helpline. |
| BASIC SAVINGS RATE | this rate (currently 0.10% gross p.a.) applies where balances fall below the minimum balance specified for the type of account you hold. Please refer to Minimum Balance. |
| BUSINESS DAY | means Monday to Friday excluding Bank and Public Holidays. |
| DE1 | DIRT Exemption Declaration Form to have deposit interest paid without the deduction of DIRT where the applicant and/or spouse is aged 65 or over. |
| DE2 | is a form to the Revenue Commissioners by permanently incapacitated individual(s) or trustees of a special trust for permanently incapacitated individual(s) to have deposit interest paid without deduction of DIRT. |
| DIRT | Deposit Interest Retention Tax is a tax that is deducted when Interest is paid to your account (unless you are DIRT exempt). |
| DIRT EXEMPT | if you are eligible you can choose to have your deposit interest paid without the deduction of DIRT. |
| ECB RATE | the European Central Bank open market main refinancing rate or 'repo' rate. |
| ELECTRONIC TRANSFER | is an automated process of transferring funds between banks and building societies, this process can take up to three business days. |
| ELECTRONIC TRANSFER – SAME DAY | an electronic transfer is where funds are transferred to your nominated bank or building society account by close of business on the same day as requested. This is subject to availability, cut-off times and charge as specified in the product literature. |
| GROSS INTEREST | the interest earned on an account prior to the deduction of DIRT. |
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