Business Fixed Term Deposits
To apply, you must have a Business Cash Management account. Business Fixed Term Deposits are available to eligible customers aged 18 or over who are resident in the Isle of Man. Minimum deposit of £25,000 (or the currency equivalent).
Fixed-rate savings for your business
Lock in a fixed interest rate so you know exactly how much your money will earn. It’s a simple way to put your cash to work.
- Available in GBP, EUR and USD
- Terms from 1 to 12 months
- Minimum deposit £25,000 (or the currency equivalent)
You won’t be able to add or withdraw money from your Business Fixed Term Deposit until the end of the term.
Please read the Summary Box below which gives you key information.
Summary Box
Account name: Business Fixed Term Deposit
What’s the interest rate?
Can Isle of Man Bank change the interest rate?
No, the interest rate is fixed for the term of your deposit. This means that the rate will not change between the date you open a fixed term deposit and the maturity date.
What would the estimated balance be based on a range of terms?
How do I open and manage my account?
To apply for this account
- Our business savings accounts are only available to existing Isle of Man Bank customers who want to open an extra account for a business that already banks with us.
- To open a Business Fixed Term Deposit, you must have a Business Cash Management account with us.
- Business Fixed Term Deposits are available to eligible customers aged 18 or over who are resident in the Isle of Man.
- The minimum deposit for a Business Fixed Term Deposit is £25,000 (or the currency equivalent).
How to open a Fixed Term Deposit
- Once your Business Cash Management account is open, you can open a fixed deposit using our mobile app, online, by telephone or in branch.
Managing your account
- Once your Business Fixed Term Deposit starts, you won’t be able to add money to it.
- We’ll send you a deposit contract within 14 business days to confirm your deposit details.
- You can’t take money out of your deposit until the fixed term ends.
- When your deposit matures, we’ll pay your deposit and any interest earned into your Business Cash Management account.
- Once the deposit matures, if you no longer require the Business Cash Management account, please advise us in writing to close the account.
Can I withdraw money?
Early withdrawals or early closure before the Maturity Date of a Business Fixed Term Deposit are not permitted.
Additional information
Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.
Gross means the interest rate you are paid on your savings with no compounding.
p.a. stands for 'per annum' (per year).
How to apply
Before you apply for a Business Fixed Term Deposit, please review our eligibility, important information and details on how we use your information so you're sure it's the right account for you.
Who is eligible to apply?
Our business savings accounts are only available to existing Isle of Man Bank customers who want to open an extra account for a business that already banks with us.
If you’re a new customer, or your business doesn’t already bank with us, business accounts will be offered by NatWest International.
You can apply for an Isle of Man Bank Business Fixed Term Deposit if you’re:
- opening an additional account for a business entity that already banks with us
- the owner or director of the business you’re applying on behalf of
- depositing at least is £25,000 (or the currency equivalent)
and your business has:
- a registered address and/or is registered for tax purposes in the Isle of Man
- a single layer of ownership with no nominee shareholding structures with all owners, directors or shareholders resident in the Channel Islands, Isle of Man or Gibraltar
- cash takings that don’t exceed 20% of your annual turnover
Important information
To open and manage your Business Fixed Term Deposit accounts, you’ll need a Business Cash Management account.
Please review our important information
If you continue to apply, you’re confirming that you’ve been provided with and have acknowledged our important documents.
How your information might be used
We want you to feel confident about how your information is used and shared. Before you continue, please read our privacy notice.
Apply for a Business Fixed Term Deposit
If you’re an existing business customer with a Relationship Manager, please speak to them to discuss your requirements.
If you’re new to Isle of Man Bank or don’t have a Relationship Manager, call your local Business Support Team to discuss.
Call us on 01624 637699
From abroad: +44 1624 637699
Relay UK: 18001 01624 637699
If you'd prefer, email us your name and phone number and we'll get back to you by the next working day.
Lines are open Monday to Tuesday 9:30am - 4:30pm, Wednesday 10:00am - 4:30pm and Thursday to Friday 9:30am - 4:30pm (except public holidays). Calls may be recorded.