If the account was emptied in March 2010, then you would have 'lost' one months interest, so you wouldn't be looking at a full 12 months interest. Essentially, there would be no Month 12 in CiaranTs list above, or if there was then it would be interest on €140 and not on €1,500+
I've recently set up one of these accounts and the blurb indicates that every 12 months the account is cleared out and the balance transferred to a lower interest account - I think it pays 1%.
It sure beats the 0.01% I was getting on my equivalent account with BoI. There's a maximum of €200 per month per account, but you can set up 2 parent saver accounts and transfer in €140 to each. As far as I remember there's no restriction on withdrawals from the regular saver account, but I'm pretty sure there's none on withdrawls from the lump sum account that the balance is transferred to.
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