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FAQ’s

• Can I meet with an advisor in branch?

  With ongoing restrictions due to the Covid-19 pandemic our advisors are currently restricted in their ability to meet physically with you in branch.

  We have rolled out new technology that allows our advisor to talk to you about the world of investing without the need to meet face to face by using a laptop or tablet to present your personalised information in an way that is easy to understand.

• What are negative interest rates?

  Money in a deposit account is subject to an interest rate. This the rate at which your money grows or shrinks over time. In the current environment, interest rates can be seen to fall as low as 0.5%.

  This means that for every €100 you save, you only earn 50c. If you take into account inflation (the general rise in price level of goods over time) your €100 will be worth less than you originally saved in the short term.

• What's the difference between saving and investing?

  Saving means putting money aside, gradually, in a bank deposit or regular savings account and earning interest. People generally save for a particular goal – a new car, a deposit for a house, or to build up a rainy day fund – knowing that their capital is not at risk.

  Investing typically means committing your money for a longer period of time in the hope of making more money than you would by saving. There is risk involved but you rate the level of risk you are comfortable with. There is usually no guarantee that you will make larger amounts of money or even that you will get all of your capital back. However, depending on how your investment performs, you could grow your money considerably more than you would by saving.

  Investment products are provided by Bank of Ireland Life, a trading name of New Ireland Assurance Company plc. Advice on Bank of Ireland Life products is provided by Bank of Ireland.

• Why Invest?

  Investing can offer another way to look after your money and help you reach your financial goals. Investing offers an opportunity for money to potentially grow over the medium to long term. We all have long term financial goals, investing offers the potential to help you reach those goals that traditional savings accounts may not.

• What is an investment?

  We offer you the flexibility to invest a small amount of money each month or a larger amount whenever you have it. This money can be invested in a variety of ways such as in funds which invest in company shares, bonds, property or other types of investments with the intention of growing your money.

• How can I see how my investment is doing?

  Your investment can be viewed on 365 online, Bank of Ireland’s online banking platform. There you can see latest available information on the investment performance at any time day or night.

  You will also receive an annual benefit statement on the anniversary of your investment.

• How do I withdraw my money?

  In order to meet your objectives, it is a good idea to leave your money invested over the medium to long term. This will help you to maximise growth potential. However, if you need to access your money at any point, you can simply contact the Customer Service team to start the process.

• What are the fees involved?

  A 1% Government levy applies to all money invested. An annual management fee will be applied, taken as a percentage of the policy value. This is typically 1-2%, depending on how your money is invested. Early exit charges may also apply if you withdraw any of your investment during the first few years. A small fee also applies on partial withdrawals.

• Do I have to pay tax on my investments? How does this happen?

  Any investment growth achieved on your policy is subject to exit tax. Exit tax, currently 41%, is deducted every eight years and in certain circumstances. These include; when you withdraw some or all of your investment; if you transfer ownership of your policy; or on death. We recommend that you obtain independent tax advice.