Special Interest Deposit Account - Common questions
General queries on your SIDA account:
How can I open a Special Interest Deposit Account?
You can call into your local branch to open this account, or alternatively you can apply online or by telephone on 1800 303 004 (lines are open 8:30am - 7:30pm Monday to Friday and 9am - 2pm on Saturday, excl. bank holidays, calls may be recorded).
Is there a limit to the number of accounts I can open?
Yes. You may not hold more than one Special Interest Deposit Account at any time (whether in your sole name or joint names).
Are there any charges on the Special Interest Deposit Account?
No
How do I view my account once it has been opened?
If, as part of your application, you have chosen to register for Anytime Banking you will receive your customer number and activation code in the post so you can view and manage your account online or over the phone. Alternatively you can call into your local branch.
How much can I lodge into my Special Interest Deposit Account?
You can save between €1 and €1,000 per month by standing order.
How do I set up a standing order, to save money in my account?
Standing Orders can be set up through Anytime Banking or in person at your local branch. Further details are available on the Managing Standing Orders section of this website.
How can I withdrawal money from my savings?
Withdrawals can be made in branch, over the phone or online. There is no notice required and no penalties for making a withdrawal from this account.
When will I receive interest on my Special Interest Deposit account?
Interest is calculated daily and paid annually in October. The interest rate on this account is variable and therefore subject to change. For details on the current interest rate please refer to A Guide to Personal Account Fees and Interest .
How often will I receive a statement?
You will receive your statement on an annual basis, from the date the account was opened.
Queries when opening your account online or over the phone:
I recently applied for an account, how long will it take to receive my pack?
Your account opening pack should normally reach you by standard post within five working days from the date of application.
I sent my application back, when will you open my account?
We will aim to open your account within 24 hours of receipt of application, subject to account opening procedures. We may need you to send us further photographic ID or address verification to allow us to open your account. Once your account is open we will send you a confirmation letter with your account number and sort code. If, as part of your application, you have chosen to register for Anytime Banking you will receive your customer number and activation code in the post so you can view and manage your account online or over the phone.
I'm having trouble completing my application form, who can I contact for help?
If you are having difficulty completing the online application, you can contact us on 1850 211 629 between 8am and 10pm Monday to Sunday (calls may be recorded) and we will be happy to help.
I am sending in a cheque as an initial lodgement, who do I make it payable to?
You should make the cheque payable to yourself. The amount must not exceed €1,000.
Can my first lodgement be taken electronically from another Bank?
No. Should you choose to make an initial lodgement, this can be taken from an existing Ulster Bank account or you can send us a personal cheque. You cannot send cash. Alternatively once your account has been opened, you can call to your nearest branch to make an initial lodgement by cash. Please note that your initial lodgement cannot exceed €1,000.
Once your account is opened lodgements must be made by Standing Order into your Special Interest Deposit Account from an account that has the facility to set up Standing Orders.
The system will not accept my PPS Number, what should I do?
If you have a new PPS Number issued by Department of Social Protection since 1st January 2013 it will now be more than 8 characters long and the Ulster Bank online system will not accept this at present. Please continue to open your account. We will contact you separately once your account is opened, to request this information from you.
