Bank of Ireland 10% return fund

Hi all , i have fallen on hard times with the recession and was wondering does anyone know if i could unlock this deposit account , it says i can't withdraw any funds over 3 years , is there a way to unlock this account at all ??

cheers for all the help

Generally a "fund" doesnt mean deposit account, what account is it exactly - is it the evergreen fund?

i can't post links yet as i haven't got 15 posts buts heres some info on it

Bank of Ireland Life Continues to Offer Choice to Cautious Investors
Today, 20th May 2009, Bank of Ireland Life is delighted to announce the launch of two new medium term, fixed return funds - 20% Return Fund and 10% Return Fund. Designed to provide lumpsum customers with an alternative to deposits over the medium term, these funds will give customers the peace of mind of knowing from the outset the return their monies will earn for the term of the investment. The funds also provide customers with protection of their original capital sum at maturity.

The launch of these funds sees Bank of Ireland Life build on its range of options available to cautious investors, providing a safe-haven for their savings during these difficult times.

Commenting on the launch, Brian Grimes, Head of Investments for Bank of Ireland Life says; "Recent market volatility has seen investors flock to short-term deposit accounts, and understandably so given the limited options available to the cautious investor. However, it is important for people to remember that short-term deposit rates may not always offer the best return for all investors. For those thinking of a more medium to long-term timeframe, they will need to look for a better return than short-term deposits can currently offer.

For investors thinking of a medium to long-term time frame, the best potential for their money to grow is by investing in a basket of assets, a portfolio. A portfolio can contain a wide mix of equities, property, bonds and deposit/ fixed return funds combined in many different ways, but with each element playing a role in meeting the investor's end goal."

Bank of Ireland Life's new Fixed Return Funds provide a real solution for the secure part of a portfolio and offers very attractive returns in the current low inflation environment. These Fixed Return Funds provide security as an investor's original investment and return at maturity are 100% secure.

ENDS

Notes to Editors:

Key Features of the 20% Return Fund:

Bank of Ireland provides Bank of Ireland Life with the 100% Capital Security and fixed return at maturity. The capital security and fixed return applies at the relevant maturity date. (For 20% Return Fund: maturity date is 2nd January 2015; For 10% Return Fund: maturity date is 2nd January 2013)
Term: 20% Return Fund - 5 years 6 months
10% Return Fund - 3 years 6 months
Minimum Investment: €5,000
Available to people aged 18-75
No partial or full encashments allowed during the policy term
The funds will close to investment on 24th June 2009, or earlier if over subscribed
Low Risk and Stress Free - Investors once signed-up can rest assured with a capital security and knowing what their money will be worth at the maturity date.
Returns will be subject to life assurance tax. The rate of tax is currently the standard rate of income tax (currently 20%) plus 8%.
Charges: No additional management charges - all charges are implicit in terms of the offer.

HI. Sorry to hear of your troubles but I think you know the answer already as it is stated in the terms and conditions that you accepted when you invested - that there are no partial or whole withdrawals allowed. You are going to have to took to other sources for money until this fund matures. If I were an investor in this fund and found out that it was being diluted contrary to the terms of the contract, and that this might have an impact on my ability to realise my guaranteed return, I would be signing up to a class action suit with all the other investors. My view - but Im sure you are locked into your timeframe.

Possibly worth a call to Bank of Ireland. I don't know about this specific fund but some guaranteed funds do offer the possibility of early encashment but with hefty penalties for doing so.