Glossary of Miscellaneous Banking Terms

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• Accrued Interest
  Interest that is due on a bond or other fixed income security since the last interest payment was made.
• Bank Base Rate
  The prevailing discounted lending rate published by the Bank of England, or other Central Banks.
• Bank Working Day
  Monday to Friday, excluding Bank and other public holidays and any day in which the majority of our offices are not open for business.
• Calendar of Events
  The calendar of dates that are relevant to your specific financial product. These may include Offer Period, Index Levels, Fixed Term, Start Date.
• Capital
  The total of the deposits into your account or the original investment in your Bond.
• Codeword
  A unique password, used as an additional security measure to ensure that instructions given by telephone or facsimile are accepted only from authorised parties to an account.
• Final Date
  Is the date on which the Fixed Term of a deposit ends.
• Indemnity
  A document in which one party agrees to take responsibility for the losses and damages suffered by another party or parties.
• Index
  A statistical indicator providing a representation of the value of the securities which constitute it. Indices often serve as barometers for a given market or industry and benchmarks against which financial or economic performance is measured.
• Joint Account Holder
  One of the parties to an account which is held in more than one person’s name.
• Joint and Several
  A legal expression used to indicate that two or more parties each are fully liable rather than together fully liable. For example, if two individuals execute joint and several guaranties, either one can be asked to repay the entire amount of the guaranteed debt.
• Key Features
  A summary of product information.
• Minimum Account Balance
  All bank accounts have a stated minimum balance. Should the balance on the account fall below the minimum, certain penalties may be applied.
• Nominated Bank Account
  The bank account to which you specify payments, such as interest earned on your deposit, may be made.
• Offer Period
  A fixed period during which time an investor can invest in a specific financial product.
• Pay Out Interest
  Interest earned on a deposit is paid out to a different bank account i.e. not added back to the deposit.
• Penalties
  Charges levied as a result of certain account activities, such as withdrawal of funds prior to the completion of the term of the fixed deposit.
• Principal
  A party to an account.
• Retention Tax
  The withholding tax relating to the European Union Savings Tax Directive (EUSTD) is known in the Isle of Man, Jersey and Guernsey as a ‘retention tax’ rather than withholding tax.
• Source of Funds
  The origin of a deposit.
• Source of Wealth
  The origin of a person’s wealth.
• Start Date
  The date on which the Fixed Term of a product commences.
• Terms and Conditions
  These can either be general or product specific and outline the detail of the contract which, when accepted, is legally binding between Bank of Ireland and its customers.
• Withdrawal
  A transaction involving moving funds out of an account or product.