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
- Have instant access to your money in any Bank of Ireland branch (you will need to bring photo ID with you), or through 365 online if you are a registered customer
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.
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;
- Get information – talk to someone who has been through the process so you can learn what to expect. We have qualified mortgage specialists available across our branches nationwide and over the phone on 0818 365 345. Any of our mortgage specialists will be very happy to talk to you no matter where you are in your planning process – whether you’re hoping to buy shortly or just starting to save.
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.
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.
Rates
Please see below for our customer deposit rate sheet.
To view our latest and previous press notices regarding Deposit Interest rates click here
Terms & Conditions
There are Terms & Conditions that apply to the Mortgagesaver Savings Account. Please see below for more information.
Top FAQs
To view our frequently asked questions, please click here.
Deposit Guarantee Scheme
The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits.
Background
The DGS is a scheme established under Irish and European legislation to protect depositors in the event of a bank, building society, credit union or credit institution authorised in Ireland being unable to repay deposits (e.g. where a liquidator has been appointed). The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions (including Bank of Ireland) covered by the scheme.
The DGS protects eligible deposits up to a limit of €100,000 per person in the credit institutions covered by the Scheme. The Irish DGS covers deposits in branches of credit institutions authorised in Ireland. You do not have to be resident in Ireland or be an Irish citizen to be eligible for DGS compensation. For further information please see www.depositguarantee.ie.
Eligible Deposits
A deposit means a credit balance on an account with a bank, building society or credit union. The following deposit types may be considered eligible for DGS compensation:
- Current accounts
- Demand deposit accounts
- Notice deposit accounts
- Fixed-term deposit accounts
- Share accounts in a building society or credit union
- Deposit element of structured deposits/tracker bonds may also be eligible if they are repayable at par.
For further information about the protection of eligible deposits in Bank of Ireland Group: Deposit Guarantee Scheme - Depositor Information Sheet
Protected Depositors
In general, the DGS protects deposits belonging to:
- Individuals
- Sole Traders
- Partnerships
- Clubs, associations, schools & charities
- Companies
- Funds held in trust in client accounts by solicitors and other professionals may be eligible if the underlying -beneficiaries are eligible in their own right
- Small self-administered pensions
Excluded Deposits
Deposits placed by the following type of entities are not covered by the DGS:
- Banks, building societies, central banks and credit unions
- Insurers
- Pension schemes and retirement funds (other than small self-administered pensions)
- Collective Investment Schemes or UCITs
- Public authorities
- Financial institutions such as consumer credit providers, stockbrokers, money brokers & money lenders
- Central & local Government authorities
- Public international organisations
- Persons convicted of money laundering offences
Full details of the types of excluded depositors can be found on www.depositguarantee.ie.
General limit of protection
The maximum compensation payable is €100,000 per person per institution.
It is based on the credit balances on accounts in the defaulting credit institution at close of business on the date of default and includes any interest due up to that date. All credit balances held in the depositor's name (including balances held in a joint account or beneficially in a trustee account) are aggregated for the purpose of calculating the maximum compensation owed to the depositor. For example, a depositor with eligible deposits totalling €75,000 would receive compensation of €75,000, while a depositor with eligible deposits totalling €100,000 or more would receive the maximum compensation of €100,000. For joint accounts, each party is covered for up to €100,000.
Temporary high balances
Eligible deposits which are categorised as “temporary high balances” are protected above €100,000 for six months after the amount has been credited or when such eligible deposits become legally transferable. These are eligible deposits relating to certain events, including:
(a) Money deposited in relation to the purchase, sale or equity release by the depositor in respect of a private residential property;
(b) Sums paid to the depositor in respect of insurance benefits, personal injuries, disability and incapacity benefits, wrongful conviction, unfair dismissal, redundancy, and retirement benefits, the depositors’ marriage, judicial separation, dissolution of civil partnership, and divorce;
(c) Sums paid to the depositor in respect of benefits payable on death, claims for compensation in respect of a person’s death or a legacy or distribution from the estate of a deceased person.
Limit of protection for joint accounts
Unless otherwise specified, joint account balances will be apportioned equally between each account holder for this purpose and aggregated with any other balances held by that account holder. However, deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purposes of calculating the limit of €100,000.
Compensation Payment Procedure
The Central Bank of Ireland is expected to pay compensation to depositors within 7 working days of its determination or a court order that deposits are unavailable.
Claims Procedure
In the event of the compensation process being initiated, details of the claims procedure and of the information which must be supplied by each depositor in order to support a claim will be published by the Central Bank of Ireland.