Terms and Conditions for the AIB Parent Saver Plan
The Parent Saver Plan ('the Plan') consists of two accounts: the Parent Saver Account and the Parent Deposit Account ('the Accounts'). These terms and conditions apply to both accounts within the Plan . Both accounts are maintained by Allied Irish Banks, p.l.c. ('the Bank') for its customer, being the person or persons who has or have signed the application form to apply to the Bank for the opening of the Plan ('the Customer'). These terms and conditions may be changed by the Bank by notification to the Customer by such means as the Bank considers appropriate. These terms and conditions are in addition to the terms and conditions of the banker-customer relationship implied by law, unless they conflict, in which case these terms and conditions will apply. Please note that there may be alternative products which have different benefits, restrictions and/or cost or income options. If you want any further information please ask at any AIB branch.
Any reference in these Conditions to 'you' and 'your' means the Customer and includes the Customer's personal representatives and successors. Where more than one person constitutes the Customer, these terms and conditions shall apply to all such persons jointly and severally. Any reference to 'we', 'us' and 'our' and 'the Bank' means Allied Irish Banks, p.l.c. and includes our successors and assigns.
1. The Accounts:
1.1 Upon the opening of the Plan, we will automatically open a Parent Saver Account and a Parent Deposit Account . Maintenance of the Parent Saver Account is dependent on the maintenance of the Parent Deposit Account.
1.2 Customers must be over 18 years of age.
1.3 Accounts will be opened in the name of the Customer. The maximum number of joint Customers on any account is two.
1.4 Accounts will be opened in respect of a child nominated by the Customer ('the Child') with the consent of a parent of the Child if necessary. The Child must be under 18 years of age. We reserve the right to seek evidence of the existence of the Child, by production to us of an original or certified copy birth certificate or other documentation.
1.5 No Customer may open more than four Plans whether in the Customer's sole name or jointly with another customer.
1.6 The Customer will be the legal and beneficial owner of the funds in the Accounts. The Child will have no legal or beneficial interest in the funds in the Accounts
1.7 The Accounts must be conducted in credit at all times.
1.8 An account statement will be issued to you on both of the Accounts after the first transaction on each Account. Subsequent account statements will be issued on both of the Accounts on the anniversary of account opening.
1.9 There are no fees and charges applicable to the Accounts.
2. Lodgements:
2.1 Not more than EUR200 may be lodged to your Parent Saver Account in any calendar month. If in any calendar month lodgements have already been made to the account and a standing order lodgement is then made, which would bring the total amount of the lodgements over EUR200, we may return the entire standing order lodgement to the account from which it was made and debit the Parent Saver Account accordingly.
2.2 Unlimited lodgements may be made into your Parent Deposit Account as there is no maximum balance on the Parent Deposit Account.
2.3 Lodgements may be made to the Accounts by way of Standing Order (from any bank), cash, cheques, electronic money transfers and other items payable to you.
2.4 We may accept cheques payable to third parties as lodgements to the Accounts at our discretion. You will compensate us for any loss we may suffer in doing so.
2.5 We may reverse any credit made to your Account if the item so credited is not paid or is recalled by the paying bank (including when we are the paying bank) or is returned by us due to mistake, fraud or the operation of any applicable clearing rules
2.6 Lodgements are to be made in regular amounts at regular intervals. A lodgement date of any day between 1st and 25th of the calendar month may be chosen by the Customer.
2.7 Subject to funds, subscriptions will be paid from the originating payment account each month on the chosen lodgement date or on the next business day if the lodgement date falls on a non-business day.
2.8 Lodgements made by AIB Phone & Internet Banking may not appear on the account until the following business day. If the following business day occurs in the next month, the maximum amount which may be lodged to the account that month will be reduced by the amount of the lodgement.
2.9 As interest is calculated daily and paid in arrears, lodgements of cleared funds accepted for your account prior to the *applicable cut-off time on a Business Day are credited to your account and shall accrue interest from the date of receipt of such funds. Lodgements of cleared funds posted after the daily cut-off time on any Business Day are deemed to have been received by us on the next Business Day.
No interest will be paid on any cleared lodgement posted to the account after the cut-off time where the account is closed on the same day (that is, the next Business Day). *Cut-off times vary dependent on the type of instruction furnished and whether or not the lodgement is initiated electronically. For applicable cut-off times please refer to the appropriate paper payment application form, the Phone and Internet Terms and Conditions for electronic payments and the notices displayed in branches.
3. Withdrawals:
3.1 You may make withdrawals on the Accounts at any time without penalty.
3.2 Withdrawals may be made through any of our branches, or through AIB Phone & Internet Banking (if you are a registered user of AIB Phone & Internet Banking) or by other means which we may permit.
3.3 When you lodge cheques, drafts or postal orders to either of the Accounts, the amount of the lodgement is shown on the relevant account on the day of the lodgement, however, at that time we may not have received value for them. We call such items 'uncleared effects' until we have received value. You may not draw against 'uncleared effects' until we have received value.
3.4 Each year on the first business day of the calendar month following the anniversary of the first lodgement to the Parent Saver Account we will transfer the balance in your Parent Saver Account to your Parent Deposit Account. Your Parent Saver Account will remain open to receive lodgements in accordance with Clause 2.1.
3.5 Standing orders or Direct Debits are not permitted outwards on the Accounts.
4. Interest:
4.1 (i) We calculate interest each day on the cleared balance on each of the Accounts.
(ii) We will pay variable interest on your Parent Saver Account at the Bank's published Parent Saver Account rate and will credit this to the account annually in April.
(iii) We will pay variable interest on your Parent Deposit Account at the Bank's published Parent Deposit Account rate and will credit this to the account half yearly in April and October.
(iv) Payment or crediting of interest is subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate. The Bank will deduct DIRT from the accounts of non-residents unless a fully completed non-resident declaration form is held by the Bank, and a minimum balance of EUR12,500 is maintained at all times in the account. The minimum balance requirement will apply separately to each account that a customer holds. Aggregation of balances will not be allowed. If an account balance falls below the minimum threshold the account will revert to paying DIRT at the prevailing rate. In the event that the account balance rises above the minimum threshold of EUR12,500, the non-resident account holder will have to re-apply for exemption and provide us with fresh confirmation of residential status.
4.2 Details of interest paid, along with details of the person to whom the interest was paid, may be reported to the Revenue Commissioners, in accordance with the requirements of S.891B of the Taxes Consolidation Act, 1997.
4.3 For Customers who are not resident in Ireland but are resident in a Member State of the EU or one of the reportable territories, the Bank must disclose to the Irish Revenue Commissioners, details of the Customer's identity, address and interest paid to the Customer, in accordance with the requirements of the EU Savings Directive.
4.4 If you or your spouse is aged 65 or over in the current tax year, or you or your spouse is permanently incapacitated and satisfy the conditions exempting you from income tax, you may apply to have the interest on the account paid without deduction of DIRT.
Closing Accounts:
5.1 You may close your Parent Saver Account at any time by written instruction to your branch. You may, if you wish, continue to maintain your Parent Deposit Account.
5.2 Because your Parent Saver Account is dependent on maintenance of the Parent Deposit Account, if you instruct us to close your Parent Deposit Account by written instruction to your branch we will also close your Parent Saver Account.
5.3 Upon closure, the balances of the Accounts (including all accrued interest to date of closure) will be paid into your Parent Deposit Account, or to your order, if this account has already been closed.
6. General
6.1 We shall neither be in breach of our obligations under the Agreement nor liable for any loss, damage or other liability suffered by you or any other person if we delay of fail to perform our duties and obligations to you because of circumstances beyond our reasonable control (including but not limited to acts of God, fire, acts of government, war, civil commotion, inability to communicate with third parties, failure of any computer or telecommunications system, or failure of any payment, settlement or clearance system, labour disputes or the acts or omissions of our agents or any other third party).
6.2 We may in addition to any other similar right we may have, at any time without notice to you, set off any credit or debit balance in your Accounts against any debit or credit balance on any other account held by us in your name.
6.3 You will not be entitled to draw on one account in reliance on the balance in another account.
6.4 We will comply with our obligations under the Data Protection Acts, 1988 and 2003 (as amended from time to time) as regards relevant data in our possession relating to you. Subject to you paying any applicable fee, you have the right under those Acts to obtain a copy of the personal data that we hold about you.
6.5 We may disclose information about you and the Accounts to any of the companies in the AIB Group.
6.6 You will be liable to indemnify us for any loss, damage, cost or expense which we may incur in connection with the collection of cheques and other items on your Accounts or in connection with any breach of these Conditions by you.
6.7 You will be deemed to have received any demand or notice sent by us to you by post to the last address notified by you two business days after dispatch by ordinary post, or immediately upon hand delivery.
6.8 We may record or monitor phone calls between you and us so that we can check instructions and make sure that we are meeting our service standards and to ensure the security of our business and that of our customers and staff for the purposes of training our staff.
6.9 Notwithstanding any other provision in these terms and conditions, we may take whatever action we consider appropriate to meet our obligations, either in Ireland or elsewhere in the world, relating to the prevention of fraud, money laundering, or terrorism and to the provision of financial and other services to persons who may be subject to sanctions. This action may include, but is not limited to, investigating and intercepting payments into and out of your Accounts and making enquiries to establish whether a person is subject to sanctions. This may result in a delay or failure to execute instructions received from you or in the receipt of cleared funds. You acknowledge and agree that, to the extent permitted by law we shall not be liable for any loss damage or other liability suffered by you or any third party which arises as a result of taking such action.
6.10 The agreement between you and the Bank in relation to the Plan is governed by the laws of Ireland and both you and we hereby submit to the exclusive jurisdiction of the Irish Courts.