Updated on 6 December 2019
Allied Irish Banks plc (AIB) was established in 1966 as a merger of 3 Irish banks: Munster and Leinster Bank, the Provincial Bank of Ireland and the Royal Bank of Ireland. During the financial crisis of 2007-2008, AIB was highly affected by deterioration in domestic economic conditions and real estate values and had to accept financial aid from the Irish Government and to dispose its shares in several of its subsidiaries. AIB mainly operates in Ireland and the United Kingdom providing a range of banking products and services to personal, business and corporate customers.
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Time deposits accounts are interest-bearing deposit acoounts offering higher interest rates than savings accounts. However the money deposited to such account cannot be withdrawn for a specified period of time (term).
The table above shows essential details of selected time deposit products offered to retail customers by the banks in Ireland: currency, interest rate per annum and deposit term. The time deposit accounts terms vary from 12 month to 1 years (12 months). The interest rates are within the range 0.50 - 0.50 %. The interest rates provided in the table do not take into account withholding tax levied on interest income in Ireland.
Country Deposit Rating. Ireland's Moodys country ceiling (the highest rating that can be assigned) for deposits in local currency is set to Aaa (prime).
Deposit Guarantee. Time deposit accounts made with credit institutions in Ireland are covered by deposit guarantee scheme up to 100,000 EUR per depositor.
Withholding Tax. Interest gained on time deposit accounts by residents of Ireland is taxed at 20.00% rate. Interest gained on time deposit accounts by non-residents of Ireland is taxed at 20.00% rate. When the interest is paid, this tax is automatically withhold from the time deposit account by the bank.