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Question about Term Deposits.

  • 21-02-2018 8:35pm
    #1
    mickmac76
    Registered Users, Registered Users 2 Posts: 400 ✭✭


    Just have a question about fixed term deposits that someone might be able to answer. If I open a fixed term account (I'm thinking of a two year term ) and I die before the two years are up what happens to the account? Would it be closed and no interest paid or would the account have to be left alone with the money in it for the full term.


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    It is not wise to lock your money away if you are old or may need access to the money during the period of the term deposit.

    If one deceases during the term of the deposit, then the estate needs to deal with the bank, the bank probably will, but not certainly, allow early access. It would be on a bank by bank policy basis.


  • #3
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    mickmac76 wrote: »
    Just have a question about fixed term deposits that someone might be able to answer. If I open a fixed term account (I'm thinking of a two year term ) and I die before the two years are up what happens to the account? Would it be closed and no interest paid or would the account have to be left alone with the money in it for the full term.

    Assuming its a sole account, It would go into your estate and only be broken once your solicitor requested the funds. Its different between banks as to whether theres a penalty against the interest or not but some won't penalise in that circumstance.


  • #4
    mickmac76
    Registered Users, Registered Users 2 Posts: 400 ✭✭mickmac76


    368100 wrote: »
    Assuming its a sole account, It would go into your estate and only be broken once your solicitor requested the funds. Its different between banks as to whether theres a penalty against the interest or not but some won't penalise in that circumstance.
    Thanks yes it will be a sole account and if I'm dead why worry about the lost interest. I just wouldn't want the distribution of my estate delayed for months on end waiting for the account to mature.


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