Taxes Consolidation Act 1997 section 264A

Conditions and declarations relating to special term accounts

Section 264A sets out the conditions that must be met for a deposit account to qualify as a "special term account" and describes the written declaration that the account holder must make to the financial institution.

• A special term account must be designated as either a medium term or long term account, denominated in euro (not foreign currency), and must not be connected with any other account.
• Strict limits apply to deposits: a maximum of €635 per month, a one-off lump sum of up to €7,620 during the account's lifetime, and withdrawals are restricted for three years (medium term) or five years (long term).
• The account holder must be at least 16 years old, be beneficially entitled to the interest, and generally cannot hold more than one special term account at a time.
• The account holder must sign a written declaration on a Revenue-approved form confirming that the qualifying conditions are met and undertaking to notify the financial institution if any condition ceases to be satisfied.