Available for GBP, EUR and USD

Notice Deposit account

What is a Notice Deposit account?

A Notice Deposit allows you to earn higher returns on your funds without committing to a long term deposit.

  • Choose from 35, 60 and 90 day notice periods
  • Available for GBP, EUR and USD
  • Minimum deposit 25,000 per currency

Interest is calculated daily and paid on the last business day of each quarter in March, June, September and December, or at account closure.

Notice Deposit interest rates

Rates effective from 20th September 2023 and are subject to variation.

On 25th June, our EURO interest rates are reducing. For further details on this, or any recent, or scheduled changes please refer to the below document

Minimum deposit 25,000 (per currency). Interest is calculated daily and paid on the last business day of each quarter in March, June, September and December, or at account closure.


  • AER stands for Annual Equivalent Rate and illustrates the interest rates as if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
  • Gross Rate means the interest rate you are paid before the deduction of tax. 
  • Notice Deposit Interest rate is the rate customers receive on their Notice Deposit during the life of the deposit.
  • p.a. is per annum (per year).
  • Step Down Rate is the rate received on withdrawal of funds.

How does a Notice Deposit work?

You can manage your deposit using eQ online banking, in branch or in writing.

The deposit operates on a notice basis. Interest is paid at the applicable rate until a minimum 35, 60 or 90 days notice of withdrawal is instructed, depending on the relevant notice period.

Once notice has been provided, the amount withdrawn is placed on a Fixed Term Deposit.

The Fixed Term Deposit interest rate is calculated using the Notice Deposit Headline rate for 35 days along with the introduction of a fixed margin of -0.20%, known as the Step Down Rate. For 60 and 90 day Notice Deposit products, the prevailing Headline rate is used for the remainder of the notice period i.e.

  • 35 Day Notice Deposit
    The Step Down Rate applies for the full 35 day notice period
  • 60 Day Notice Deposit
    The Headline rate applies for 25 days of the notice period and the Step Down Rate applies for 35 days
  • 90 Day Notice Deposit
    The Headline rate applies for 55 days of the notice period and the Step Down Rate applies for 35 days

Upon maturity of the Fixed Term Deposit the balance plus any earned interest will be credited to your Cash Management account. If you don't have a Cash Management account, you'll need to open one when applying for a Notice Deposit.

More about Cash Management account

Can the interest rate change?

Yes, the interest rates on Notice Deposits are variable and can change during the deposit period.

  • If rates go down, we'll advise you of the change subject to the relevant notice period i.e. 35, 60 or 90 days.
  • If rates go up, we’ll give you notice either before the change happens or as soon as possible afterwards.

Fixed Term Deposit interest rates do not change for the term of the deposit.

Can I withdraw money?

Yes, withdrawals are allowed however are subject to the relevant minimum withdrawal notice period i.e. 35, 60 or 90 days. 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.

Depending on the notice period, once notice of withdrawal is provided, funds will be available after 35, 60 or 90 days.

Is there a minimum and maximum deposit and withdrawal amount?

  • There is a 25,000 (per currency) minimum deposit requirement to open and maintain a Notice Deposit account.
  • There is a £250 million (or currency equivalent) maximum deposit per customer.
  • The minimum deposit and withdrawal amount is 25,000 (per currency) 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.

Contact us to apply

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Existing business customers

If you're an existing business customer with a Relationship Manager, please contact them to discuss opening an account.

If you don't have a Relationship Manager, please call the Business Support team.

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Call the Business Support team

Please give your local support team a call to discuss how we can help your business.

01624 637699

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.