Bank of Ireland Life has launched a new regular premium investment product designed as a simple, flexible way to invest regularly for longer term goals. Target Saver provides customers with some risk appetite with the opportunity to benefit from potential market gains.
Damian Smith, Head of Investments, Bank of Ireland Life said: “We continue to experience a strong appetite amongst customers to put money aside for the future. We believe that we can offer long term savers a better opportunity for growth than a standard savings account and Target Saver is designed to do just that.”
Key product details:
- Designed for people with long term savings goals; it is suitable for those who plan to save for at least five years in pursuit of longer term goals such as funding children’s education, funding long term property purchase or for general wealth build-up.
- Minimum premium of €200 per month and maximum €5,000 per month.
- Wide range of funds available.
- Optional milestone feature: if customers choose this option, their investment will automatically move to a fund with less volatility once their investment reaches the specified milestone. It recognises that customers might be prepared to accept a higher level of risk as they save, but want less risk when they have accumulated an investment fund. Future premiums will continue to be invested in the fund until such time as the next milestone is reached and so on.
- Optional target feature: customers have the option to specify a target amount. If and when this amount is reached, their money will automatically be switched into another fund specified by the customer.
- Premium holiday: The customer has the option to set up the plan in such a way that they don’t have to contribute monthly premiums in December and January.
“Customers saving for over the longer term (five years or more), have many options, one of which is to put their money into investment funds which are linked to a wide range of investments such as company shares, property and government bonds. While there is an element of risk, these types of funds offer potentially higher returns than a short term savings account over the longer term.
“I would recommend that customers should first seek advice. There are expert financial advisers available in every Bank of Ireland branch that can advise which savings solution is most appropriate for our customers,“ concluded Damian Smith.