Account name: eSavings
1. What is the interest rate?
|Balance||AER/Gross p.a. (variable)|
The maximum balance is £5 million. Interest is calculated daily and paid on the last business day of the month and at account closure.
2. Can Ulster Bank change the interest rate?
Yes, this rate is variable. We can increase or decrease the rate for any of the reasons set out in the Ulster Bank Personal banking – terms and conditions.
Please see General Conditions 11.1 and 11.2 of the Ulster Bank Personal banking – terms and conditions for more details on when we may change the interest rate and the notice that we’ll give you.
3. What would the estimated balance be after 12 months based on a range of deposits?
|Initial deposit at account opening||Balance after 12 months||Interest earned|
These are only examples and do not take into account your individual circumstances. The examples assume that:
- No further deposits or withdrawals are made,
- There is no change to interest rate and
- Any interest earned stays in the account.
4. How do I open and manage my account?
- You must be aged 18 years or over and a UK resident
- You can only open your account online
- You can manage your account online through Anytime Banking, by telephone and by using our mobile app
- You can only pay money into your account by online transfer
- You must register for the Anytime Banking services to manage your account via online, telephone or on the mobile app
- There is no minimum deposit required to open the account, however there is a maximum balance limit of £5,000,000
5. Can I withdraw money?
Yes. You first need to set up Anytime Internet Banking and Telephone Banking (see below) and order a card reader, card and pin. Once you’re set up, you can withdraw money by online transfer, on the mobile app or through telephone banking, and no notice is required.
Step 1 Activate Anytime Internet Banking
If you have not been provided your Customer Number and given the option to set up your PIN and password at the end of your application you’ll need to wait to receive your Customer Number and Activation Code before you can log in to Anytime Internet Banking for the first time. In most cases we’ll send your Customer Number 2 working days after your account is opened. Your Activation Code will then be sent 24 hours later as long as you provided a valid email address and mobile number during your application, otherwise your activation code will be posted to you.
Step 2 Make withdrawals in Anytime Internet Banking
You need to order a card reader, which will come with a card and PIN, through Anytime Internet Banking or our Webchat Service before you can withdraw money online. It can take up to 15 working days for your card reader, card and PIN to arrive. Until these arrive you can withdraw up to £250 per day using the mobile app without a card reader, 72 hours after you have activated Anytime Internet Banking. Our mobile app is available to customers with a valid device, Anytime Internet Banking and a UK mobile number.
Step 3 Set up Anytime Telephone Banking
The mobile number you provided during your application will be automatically registered for Telephone Banking. Your mobile number needs to have been registered with us for at least 30 days from the date your account is opened before you can withdraw money by telephone. After 30 days, you can call Telephone Banking on 0345 742 4365 or minicom 0800 015 4422 to make withdrawals.
There are daily limits on the amount that can be transferred out of your account online, through telephone or mobile banking. Here is more information on the current daily limits and how to withdraw amounts in excess of the daily limits, for more information contact Telephone Banking.
6. Additional information
We do not deduct tax from the interest we pay to you. The tax treatment may be subject to change in the future and depends on your individual circumstances.
Annual Equivalent Rate (AER) - This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross Rate - The interest rate you are paid without the deduction of income tax.
p.a. Per annum (per year).