Deposit Plus funds closure

The background

The Deposit Plus Funds invest in a variable rate deposit account with AIB Bank (a trading name of Allied Irish Banks, p.l.c.). The interest rate currently applying for the Deposit Plus Funds is 0% (this is before the deduction of Zurich management charges). As AIB have decided to reduce their variable rate from 0% to -1.1%, Zurich has taken the decision to close the funds. The interest rate applying to the Deposit Plus Funds up until the closure date will remain at 0%.

What do customers need to do?

We will shortly be writing to all customers with monies invested in the Deposit Plus Funds to ask them to switch into an alternative option. If we don’t hear from them by COB 13 July 2020 with an alternative fund selection then we will automatically switch their existing investment and redirect future contributions (where applicable) into the Zurich Cash Fund with effect from 13 July 2020.

We will also be writing to any customers who have selected the AutoInvest strategy and their policy is still within the AutoInvest investment period selected (6 months or 12 months). Zurich will automatically switch the investment from the Deposit Plus Funds into the Cash Fund. The policy will continue to drip feed into the chosen destination funds each month from the Cash Fund until the end of the AutoInvest investment period.

Your clients will be encouraged to contact you in the first instance as this may be a good opportunity to review their investment fund choices. Fund information is available on our website.

For more information
For more information please speak to your Zurich Broker Consultant or your Zurich Service Team.