What is a Fixed Term Deposit Account?
Fancy a better return on your savings? For a limited time only, Savvi Credit Union are offering a Fixed Term Deposit Account to provide our members with an option to save with a guaranteed return.
A term deposit is a fixed-term investment that includes the deposit of money into an account by way of a single lump sum deposit. The member will earn interest on their deposit during that term but can only withdraw the funds at the end of the fixed term period.
Savvi is offering a 2-year fixed-term deposit with a 2% per annum return (1.98% AER*). The gross return is 4%.
So for example, if you invest €10,000 and maintain the deposit for the full term, you will earn gross interest of €400 which you will receive at the end of the term. Deposit Interest Retention Tax will be deducted at the prevailing rate from the interest you earn and automatically paid directly to revenue on your behalf, where applicable.
Warning: if you invest in this product, you will not have access to your money for two years.
Apply
Download and complete the application form below. You need to print this off and return to us at 56 Sir John Rogerson’s Quay, Dublin 2.
Alternatively, you can call us on 01 6325100 or email us on hello@Savvi.ie to request one and we will send it out to you.
Download Application Form and Terms & Conditions
Frequently Asked Questions
If you haven't yet become a member of Savvi Credit Union, the good news is as soon as your membership application has been approved and you have lodged €10 to your shares account, you can apply for a fixed term deposit account right away. This is of course subject to you satisfying our common bond criteria. For more information on becoming a member click here
The minimum lodgement amount is €5,000 and the maximum lodgement amount is €80,000.
No, you can only make one lodgement to your account.
We understand that sometimes you might change your mind once you take out a new product. We provide a 14 day cooling off period from the start date of the account in case you change your mind. You must contact us in writing with an instruction to close your account and once you do so, we will repay you any funds you have lodged directly to the Share Account.
If you have both a sole account and a joint account, you will be able to open two accounts but the maximum amount that you can deposit is per member rather than per account. So for example, if the maximum amount a member can lodge to a fixed term deposit account is €80,000. The member could lodge €20,000 to a sole account and €80,000 to a joint account without reaching the limit (each member in the joint account will be deemed to have lodged €40,000 each).
Right now, we only offer a 2 year fixed term deposit account.
You will get your interest at maturity date of the product. Any interest less DIRT will be lodged into the account, which will then be transferred to your shares account.
The onus is on the member to provide proof of any exemption from DIRT. If we have proof of the exemption, DIRT will not be taken from your account.
NO, there are no set up charges, maintenance or transaction fees on your account.
There are no withdrawals permitted on your term deposit account. If under exceptional circumstances, you need to access money in your account early, we will have no other choice but to close your account and transfer funds back to your shares. This will include any interest accrued as of that date less DIRT.
No, The account does not carry any Life Savings Insurance benefit. The amount of Life Savings Insurance benefit payable to your nominee/estate in the event of your death is based on the amount of savings made during your lifetime into your Share Accounts. Life Savings Insurance benefit is determined based on minimum balances held in your Share Account only and your age at the date of each lodgement and any subsequent withdrawals.
Yes your term deposit account is included in the €100,000 per person savings limit. This means if you have already reached the €100,000 limit, you will not be able to lodge any further funds. However, you may transfer money from your shares to your term deposit account if you so wish.
Yes any funds in your term deposit account is included in the Deposit Guarantee Scheme