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Notice Deposit account

Restricted access to your savings for a better return

To apply you must be 18+ and resident in the the Isle of Man. Your business must be registered in Isle of Man and you need to have a Cash Management account to apply for a Notice Deposit.

35 day Notice Deposit

  • Earn higher returns on your savings without locking them away for a long time
  • Earn interest daily and receive it on the last business day of each quarter
  • Funds placed on notice to withdraw will attract a different rate

Interest rates

Rates effective from 20th April 2020
Gross rate is the interest rate you are paid without the deduction of any income tax. AER (Annual Equivalent Rate) shows you what the rate would be if the interest was paid and compounded each year.

More information

How does a Notice Deposit work?

You can manage your Notice Deposit in branch, by telephone or in writing.

  • Please note that if you do not already maintain a Cash Management account, you'll need to open one when applying for a 35 Day Notice deposit.
  • The deposit operates on a notice basis; interest is paid at the applicable rate until a minimum 35 days notice of withdrawal is given.
  • Once notice has been provided the amount to which the notice applies is placed on a 35 Day Fixed Term Deposit. The Fixed Term Deposit interest rate on this amount will be in line with rates for that term and balance applicable on the day. (This could be a negative rate)
  • Upon maturity of the Fixed Term Deposit the balance plus any earned interest will be credited to the Cash Management account from where it can be withdrawn.

Can the interest rate change?

Yes, the rate is variable; the 35 Day Notice Deposit rate can increase or decrease. If the rates go down, we’ll give you at least 35 days’ notice. If they are going up, we’ll give you notice either before the change happens or as soon as possible afterwards.

The Fixed Term Deposit rate remains the same for the full 35 day fixed term.

Can I withdraw money?

Yes, subject to a minimum 35 days notice of withdrawal. Early withdrawals are not permitted. The notice period is effective from the date of receipt of the instruction to withdraw. If we receive your instruction after 12pm or on a non business day, notice will commence on the next working day.

Is there a minimum and maximum deposit and withdrawal amount?

  • There is a £25,000 (or currency equivalent) minimum deposit requirement to open and maintain a Notice Deposit account, however this is not applicable to online transactions made through eQ.
  • There is a £250 million (or currency equivalent), maximum deposit per customer.
  • The minimum deposit and withdrawal amount is £25,000 or currency equivalent, however this is not applicable to online transactions made through eQ.

Depositor Compensation Scheme

Isle of Man Bank is a member of the Isle of Man Depositors’ Compensation Scheme (DCS) as set out in the Depositors’ Compensation Scheme Regulations 2010. 

To understand your eligibility under the scheme you may wish to visit the Isle of Man Financial Services Authority website.

Apply for a Notice Deposit

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Existing business customer?

If you're an existing business customer please contact your Relationship Manager on their dedicated telephone number.

Alternatively, call into your local branch where we can put you in touch with your Relationship Manager.

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New to Isle of Man Bank?

Give us a call on 01624 637000

Lines are open Monday to Friday 9am - 5pm, except on bank holidays. If outside these hours please leave a message and we'll contact you as soon as we can.