Features and Benefits
Do you need to save regularly to build up a deposit for a Mortgage?
With a MortgageSaver Account you can:
- Apply for an account online in minutes; there is no need to go to a branch, just upload your identification and address verification documents during account opening
- Pay your direct debit from a current account (You do not need a Bank of Ireland current account to open this account)
- Available to Republic of Ireland (ROI) residents only, aged 18 or over
- Interest rate is variable. Annual Equivalent Rates (AER) are quoted based on a 365 day calendar year
- One account per customer in sole or joint names
- Option to add lump sum lodgements of up to a total value of €20,000, in any branch
- Save monthly by Direct Debit – Minimum €200, Maximum €2,500 per month
- Instant access to your money in any Bank of Ireland branch (you will need to bring photo ID with you). If you use 365 online, you can request to withdraw funds. The money will be credited to your current account the next working day
Amount | AER Variable |
|---|---|
€0 – €14,999 | 2.00% |
€15,000+ | 0.50% |
If you’re not a Bank of Ireland customer, to open an account online you need the following documents available to upload during the application:
- Your passport
- A document to verify your address, for example your current account bank statement (from any Irish bank) or a utility bill.
- A second document to verify your identity, for example your driving licence (Irl or Uk) or a selfie picture.
Exclusive offer for First Time Buyers
Open a MortgageSaver account and we’ll top up your savings by €2,000.
At Bank of Ireland we understand the challenges facing First Time Buyers in saving to buy a home. We want to help, with a €2,000 Bonus Interest on your savings when you draw down your Bank of Ireland mortgage.
How to qualify for the First Time Buyer MortgageSaver Bonus Interest:
- You must be a First Time Buyer and have a personal current account.
- Save a minimum of €200, maximum of €2,500 per month for at least 6 consecutive months in a MortgageSaver Account. You must save a minimum of €5,000 in total before you draw down your BOI mortgage.
- Draw down a Bank of Ireland First Time Buyer mortgage within 30 months of opening your MortgageSaver account.
- Use the money saved in your MortgageSaver account to help purchase your first home.
- The bonus interest will be a fixed payment of €2,000, once you have €5,000 or more saved in your MortgageSaver account.
Bonus interest will only be paid on one MortgageSaver account on drawdown of the Mortgage.
Please note that to qualify for a First Time Buyer mortgage, both applicants must be First Time Buyers. “First Time Buyer Mortgage” means a mortgage where no party to the mortgage is currently or has previously been a borrower under a Housing Loan, either in Ireland or abroad, where a Housing Loan is defined as a loan secured on residential property where the borrower and /or their dependants intend to live.
When do I receive my MortgageSaver Bonus Interest?
- Bonus interest is paid net of DIRT, once your BOI mortgage has drawn down;
- We will contact you to let you know when the Bonus Interest has been paid into your MortgageSaver account;
- Only one MortgageSaver Bonus Interest will be paid per Mortgage drawn down.
Bank of Ireland, helping you every step of the way to your new home.
Tips to get Mortgage ready
- Mortgage calculators – a great way to understand how much you can borrow and what your repayments might be;
- Ready to buy – the key steps to purchase your first home;
Mortgage lending criteria and terms and conditions will apply to the mortgage application. Click here for more information about Bank of Ireland mortgages.
The MortgageSaver Bonus Interest is subject to DIRT at the prevailing rate and will be paid after the mortgage is drawn down.
The lender is Bank of Ireland Mortgages. We require property and life insurance.
Bank of Ireland Mortgage Bank u.c. trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland.
How to Apply
It’s never been easier to apply for a Bank of Ireland Savings Account. You can apply and open a MortgageSaver account in minutes even if you are a new customer. You can also book an appointment in a Bank of Ireland branch to apply for a MortgageSaver Account.