These terms and conditions apply to the “BCU Fixed Rate Term Deposit Account” (“the account”) provided by Ballinasloe Credit Union (Our Lady of Lourdes) Limited (“the Credit Union”) for its members (each a” member”).

These terms and conditions may be changed from time to time by the Credit Union by notification in writing to the member. The terms and conditions are in addition to the terms and conditions of the Credit Union/member relationship as set out in the rules of the Credit Union.

1.1 The term of the account means the fixed duration of the Account, depending on which account you select in the Application Form.

1.2 The start date of the term will be shown on the Deposit Confirmation letter.

1.3 The interest rate applying to the account is fixed for the duration of the term.

1.4 The minimum balance that can be placed in the account is €1,000. There is no maximum amount as long as the member does not exceed €100,000 in total savings with the Credit Union.

1.5 The account is only open to members over 18 years of age.

2.1 The deposit must be made from your shares or current account prior to the start date of a term. No lodgements or payments into the account are permitted after the term has started.

3.1 Interest is calculated and accrued each day on the principal balance in the account from the start date of the term up to the maturity date.

3.2 Interest is paid annually on the anniversary of the start date after the deduction of Deposit Interest Retention Tax (DIRT), which is calculated using the prevailing DIRT rate at the time of payment. The current DIRT rate is 33% but is subject to change.

3.3 Interest will be paid to the share account of the member.

3.4 The interest rate applied to the account will be the rate applicable on the day that the initial lodgement is made to the account and will apply until the maturity date. The rate applying to the account will be noted on your application.

4.1 The account is intended to be held for the full term.

4.2 No withdrawals or payments from the account can be made by the member during the fixed term save as provided under clause 4.3.

4.3 One withdrawal of up to 10% of the amount deposited may be withdrawn during the term by the member. It may take up to 10 working days for a withdrawal to be processed.

5.1 At the end of the fixed term, the deposit will mature and interest will cease to accrue.

5.2 The Credit Union will write to the member in advance of the maturity date with available options.

5.3 Where the Credit Union does not receive instructions from the member on or before the final day of the term of the account, it will have the option on or about the expiry of such term to:

  1. transfer the matured amount to the member’s share account;
  2. transfer the matured amount to a holding deposit on the member’s account;
  3. place the deposit in a 12 month Fixed Term Deposit Account, subject to the terms and conditions and prevailing interest rate of that product; or
  4. return matured funds to the member by cheque or EFT.

6.1 The Fixed Rate Term Deposit Account does not carry any Life Savings Insurance cover.

6.2 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 Account.

6.3 Where you transfer funds from your Share Account in order to open this Fixed Rate Term Deposit Account, it could impact the benefit payable in the event of your death as the 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.

6.4. In the event of your death during the Term of the Fixed Rate Term Deposit Account, any balances held in the Account will not be included in the calculation of minimum savings balances for the purposes of a Life Savings Insurance claim payable to your Nominee or Estate.

7.1 The Credit Union may set off and apply any credit balance in the account towards payment of a debit balance owed to the Credit Union by the member.

7.2 Ballinasloe Credit Union is regulated by the Central Bank of Ireland.