Telecom Eireann investors uncertain of where to put their refunds may avail of a new service offered by Bank of Ireland Asset Management (BOIAM). Customers can temporarily deposit or transfer their funds into an Investment Advice Account for three months.

During this period, the "customers will receive expert advice from savings and investment advisers on the various options available to them but there is no obligation to purchase any investment products," says Bank of Ireland literature.

Those depositing £3,000 (€3,809) to £25,000 will earn 0.625 over three months or the equivalent of 2.5 per cent per annum while customers with £25,000 to £250,000 to deposit receive 0.6875, or 2.75 per cent per annum.

If the full deposit is withdrawn after two weeks but before the end of the three-month term penalties will apply. After two weeks, however, "emergency money" of 10 per cent of the deposit amount or £5,000, whichever is greater, may be withdrawn without penalty.