General Savings FAQs
How to Open and Use a Savings Account
The only way you can open Savings Account with EBS is in person by visiting your local office, as we need to validate your documents
By bringing the documents we will need with you, you will save time and have your new account opened in no time. Whether you are a new or existing EBS customer, to open a new savings account you will be asked to provide:
- Personal identification documentation – such as a valid passport or valid driver’s licence, and bring an original, not a copy.
- Proof of your permanent address – for example, a current utility bill, dated within the last six months (e.g. gas, ESB, landline phone), bank statement, motor, or home insurance renewal document. Again, documents need to be originals.
Proof of your PPS number
By bringing the documents we need with you, you’ll save time and have your new account opened in no time. Whether you are a new or existing EBS customer, to open a new savings account you will be asked to provide:
- Personal identification documentation – such as a valid passport or valid driver’s licence. You must bring an original, not a copy.
- Proof of your permanent address – for example, a current utility bill, dated within the last six months (Gas, ESB, landline phone), bank statement, motor or home insurance renewal document. Again, documents must be originals.
- Proof of your PPS number
If you are opening a children or teen savings account, you will need to provide the above documents for yourself and the following for the minor:
- Personal identification documentation – Birth certificate or valid passport. You must bring original, not a copy.
- Address identification for the minor – for example, a recent utility bill or a bank statement. Again, all documents must be originals.
- Proof of the minor’s PPS number.
To open this Account, the minor’s birth certificate or the applicable court order (or other relevant documentary evidence*) must be produced as proof of parenthood/guardianship. This is in addition to proof of identity and residential address.
*Please contact your local Office for guidance.
If the minor does not live with you, we will need a utility bill from the parent or guardian who lives with the minor and a note signed by them stating that the minor lives at that address, giving consent for the account opening.
Please contact us if you have any queries about opening an EBS savings account on 0818 654 322 or info@ebs.ie.
Although this account is perfect for families looking to save, the Family Savings Account may be opened by any person who is over 18 years of age and intends to use it for personal purposes. There is a limit of one Account per person, although a person may in addition be second-named on the Account.
You need to visit your EBS office to withdraw your funds. You can make one withdrawal at any time during the one year term without impacting the rate of interest on the remaining funds. And at the end of year one, you have the option to withdraw all or part of your funds or continue saving for another year.
You can transfer funds to any savings account by standing order. All you need is your BIC and IBAN to set up the standing order online. Or you can provide the information to the bank where you have a current account so that they can set up the standing order for you.
Deposit Guarantee Scheme
The Deposit Guarantee Scheme 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.
Deposits up to €100,000 per person per institution are protected under the scheme. The Deposit Guarantee Scheme (DGS) aims to pay depositors as quickly as possible and is required to pay verified eligible depositors within 7 working days.
The Deposit Guarantee Scheme is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme.
The following document outlines the basic details of the protection of eligible deposits in EBS:
A deposit means a credit balance on an account with a bank, building society or credit union that the credit institution must repay under the legal and contractual conditions applicable. The following is a list of deposit types that may be considered eligible for DGS:
- 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
- Credit balances on credit cards issued by credit institutions may also be eligible
In general the DGS protects deposits belonging to individuals, companies, partnerships, clubs, associations, schools etc. The DGS covers deposits in branches of credit institutions authorised in Ireland. The residency of the depositor is not a factor in determining the eligibility of the deposit. You do not have to be resident in Ireland or be an Irish citizen to be eligible for DGS compensation.
The deposits of the following are protected:
- Individuals
- Sole Traders
- Partnerships
- Clubs, associations, schools and charities
- Companies1
- 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
1Companies are covered as long as they are not a company that is on the exclusion list below.
Deposits placed by the following type of entities are not covered under the scheme:
- Banks, credit unions and building societies
- Persons charged (pending a court decision) or convicted of money laundering offences
- Financial Institutions
- Investment Firms
- Depositors who have never been identified in accordance with anti-money laundering legislation
- Insurance and Reinsurance undertakings
- Collective Investment undertakings
- Public Authorities
- A pension scheme or retirement fund (other than a small self-administered pension scheme)
- Debt Securities issued by a credit institution and liabilities arising out of own acceptances and promissory notes
For additional information on the Deposit Guarantee Scheme please refer to www.depositguarantee.ie.
Summit Fund Information
With the continued development of the COVID-19 situation we are aware many of our customers are facing disruption. Our primary concern is the welfare of our customers and our staff and we are considering all HSE and WHO advice as the situation continues to evolve.
We want to make sure we can continue our support to answer all your EBS Summit questions, provide information and action your requests during this unprecedented time. We want to highlight other ways that we can assist you in completing Summit encashment requests or accessing information, if it is the case where you cannot get to your local EBS office.
We will now accept encashment requests by email or by post. As this is new, we’ve put together a useful guide to help you complete your encashment form for whichever option you choose. This includes the information you need to include on your encashment form or letter should you choose that option. If you prefer to talk to someone, you can contact our team or your local EBS Office, contact details are below.
Summit Fund – Calculate value online:
Should you want to get the value of your Summit account and can’t get through on the above phone line, than you can log onto the EBS website page to access the Summit Fund Calculator here.
Simply enter the unit holdings that you have in your Summit Account in the specified fund/s, Summit Investment Fund or Summit Mutual Fund, than enter units in per sub fund i.e. Stable (SIF only) Balanced, Growth, Global (SMF only).
You can locate your Summit Account unit holdings on your most recent Summit Fund Statement, it is valid as of 31st December 2019, provided you have not encashed or lodged funds since this date.
Input the amount of your unit holdings into the relevant fund. There are 2 different fund types so choose the one your holdings are in:
Summit Mutual Fund (Gross Fund) – sub funds Balanced; Growth & Global Leaders.
Summit Investment Fund – sub funds Stable; Balanced; Growth.
Then click on the “calculate” button, you will then be given your Total Fund Value.
**note the bid prices are updated daily at approx. 2pm
If you wish to request an encashment and cannot visit one of our EBS Offices, we will accept requests via email or post:
Copies of our encashment forms are located here.
You can do so by accessing the EBS website page below, downloading and printing the relevant form, fully completing the details, including a copy of photo ID and submit via email, to SummitFunds@mail.ebs.ie. If all details are correct, any requests emailed to use before 3.30 p.m. will be considered as Day 1 of our 3 day process.
If you do not have a printer, we will accept an emailed photo of a signed written letter with all the details that is on the form. Please remember to include a photograph of your ID.
Or
If you don’t have access to email, you can forward your fully completed signed encashment request form/written letter along with a copy of a photo ID post to your local EBS Office. We will action your encashment request on the day of receipt and this is a three day process from the date completed form is received.
Please note: if you have not provided us with identity documents before now, your request may take longer to process. We may also require you to provide us with additional documents. This is because we need to comply with certain legislation. If this is the case then we will call you when we receive your documents and tell you what else you need to do.
Click here for full details on how to fill out the form.
Click here to download the Encashment Form.
Summit Phone line: 0818 654 323 (Option 2)
Open Mon – Friday 9am to 5pm
Email queries / questions: Summitfunds@mail.ebs.ie
Find your local EBS Office contact details at https://offices.ebs.ie/
