Deposit options

Structured deposits

Closing date 29 May 2023

If your clients are looking for a lower-risk investment, they might want to consider Barclays Euro Structured Deposits. We currently offer a three-year and a five-year option, and these can be accessed through self-directed options in:

• Synergy Investment Bond
• Synergy Personal Pension
• Synergy Executive Pension (for top-up only)
• Synergy Buy Out Bond
• Synergy Regular Invest
• Synergy Approved Retirement Fund
• Synergy Portfolio Approved Retirement Fund (for top ups only) 

Structured deposits are not available on the Synergy PRSA

As an adviser, you must make sure your client both reads and understands the key features and key information documents for the deposit they want to invest in. We’ll need an ‘Instruction to switch/invest in a structured deposit’ form for all new business, including top-ups, and switches.
 

Barclays Three Year Euro Structured Deposit

Barclays will repay the amount invested in this structured deposit at the end of the three year term. The closing date for application is 29 May 2023, or earlier if the scheme is already fully subscribed.

Key facts:

Three-year fixed term

• Minimum return 9.27% (3.00% compound annual rate) after 3 years
• Issued by Barclays Bank Ireland plc
• Minimum deposit €100,000
• Gross return subject to policy charges

Barclays Five Year Euro Structured Deposit

Barclays will repay the amount invested in this structured deposit at the end of the five year term. The closing date for application is 29 May 2023, or earlier if the scheme is already fully subscribed.

Key facts:

Five-year fixed term

• Minimum return 17.34% (3.25% compound annual rate) after 5 years
• Issued by Barclays Bank Ireland plc
• Minimum deposit €100,000
• Gross return subject to policy charges

Synergy deposits

This self-directed option is facilitated from a policy cash account, provided by a third party deposit provider, set up within the policy. Payments are both credited to and deducted from this account. There's more information in the Key Features document and Self-Directed Options Guide. 

The variable interest rate payable on the policy cash account from 10 May 2023 is 3.20% gross (3.25% AER), and is subject to change at any time (it was 2.95% gross (2.98% AER) between 22 March 2023 and 09 May 2023). AER is the annual equivalent rate and shows what the interest rate would be if compounded and paid each year.

Please make sure your clients are aware of Synergy Product charges, including the annual management charge of 1%. Returns on their investment will also be affected by the commission structure you have agreed with them.