Bank of Ireland Reserved Deposit

J

John joe

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Just seen my dad bank statement, hes has a RESERVED DEPOSIT account. Can someone explain what this account means?

As he appears to have got good interest compared to my bank of Ireland account. On his sum of E3,104 he has received interest of E45.13
 
Last edited:
Hello - from memory it means that you can only do one withdrawal per calender month. The actual amount of that withdrawal is, however, unlimited.

If you do more than one withdrawal in any calender month the a/c reverts to a standard demand a/c.
 
Demand Reserve?
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This rate isn't particularly competitive - see our Best Buys for rates that are more than double that, with no withdrawal restrictions.
 
1dave123 said:
Hello - from memory it means that you can only do one withdrawal per calender month. The actual amount of that withdrawal is, however, unlimited.

If you do more than one withdrawal in any calender month the a/c reverts to a standard demand a/c.
Click to expand...

Can a direct debit be set up on this account?
 
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