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Premium Saver

Earn bonus interest on balances
between 25,000 - 1,000,000

Apply for a Premium Saver account

You must be aged 16 years or over to open an account.

Premium Saver

Our Premium Saver account pays a monthly bonus on balances between 25,000 – 1m if you leave your money untouched.

You still get instant access to your savings when you need them and the interest rate only drops for the month you withdraw your money. Leave your savings untouched the following month, and you'll get the bonus interest again.

What is the interest rate?

With bonus interest

No withdrawals made in any month

Balance AER/Gross p.a. (variable)
1 - 24,999 0.20% (no bonus paid)
25,000 - 49,999 0.60% (inc. 40% bonus)
50,000 - 1,000,000 0.85% (inc. 65% bonus)
1,000,000+ 0.45% (no bonus paid)

Without bonus interest

One or more withdrawals made in a month

Balance AER/Gross p.a. (variable)
1 - 24,999 0.20%
25,000 - 49,999 0.20%
50,000 - 1,000,000 0.20%
1,000,000+ 0.45%

The need-to-knows

  • Interest is paid on a tiered basis which means you'll earn one rate on your entire account balance. If, for example, you hold 150,000 in your account and you have satisfied the bonus condition, your interest rate for that monthly bonus period will be 0.85% AER/Gross p.a. on your entire account balance.
  • You can find details of the bonus condition in the Additional information section.
  • Interest is calculated daily and paid on the first business day of the month and at account closure. You’ll be able to see and access the interest in your account on the following day.

Frequently asked questions

How do I open and manage my account?

Exclusively available for customers holding a Current account.

You must be aged 16 years or over to open an account.

You can only have one Premium Saver Account in your sole name, and only one Premium Saver Account in joint names with another person.

You can open and manage your account in branch, online and by telephone.

No minimum deposit is required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.

However, to earn the bonus rate of interest in each monthly bonus period, your account balance must be between 25,000 – 1,000,000 and you must not make any withdrawals in that month.

Can Isle of Man Bank change the interest rate?

Yes, the interest rate is variable.

The rate may be changed for any of the reasons set out in Term 10.3 of the Personal Banking Account Terms and Fees e.g. to take account of Bank of England's base rate changes or changes in the rates paid by other banks.

If the rates are going down we'll give you at least 60 days' notice. If they are going up, we'll inform you before the change or shortly afterwards. 10.4 of the Personal Banking Account Terms and Fees contains details of the notice we'll give you.

Can I withdraw money?

Yes. No notice is required.

You can withdraw money:

  • in branch
  • by transfer to any other account based in the Isle of Man, Channel Islands, UK or Gibraltar (online, by telephone or on the mobile app)

There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking.

However if you make one or more withdrawals in a monthly bonus period, you will not earn the bonus for that month and your interest rate will be lower for that period.

Additional information

How do I earn interest?
To earn the bonus in each monthly bonus period, your account balance must be between 25,000 and 1,000,000, and you must not make any withdrawals from your account for that month.

A monthly bonus period runs from close of business on the second-last business day of one month, to close of business on the second-last business day of the following month.

Close of business times differ depend on whether you pay in your money in branch, or by using our telephone, online or mobile banking services.

What happens if I close my account?
You will not earn bonus interest for the monthly bonus period of closure. The interest rate without bonus will continue to apply up until the day you close your account.

Balance tiers
Bonus interest only applies on balances between 25,000 – 1,000,000 where the bonus condition is met. No bonus interest will be earned for any day on which your account balance is less than 25,000 or greater than 1,000,000.

For example, if your account balance is 1,100,000, you will not earn bonus interest on any part of your balance. You will earn 0.45% AER/Gross p.a. (variable) on your entire account balance.

Definitions

Annual Equivalent Rate (AER) - This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.

Gross - is the interest rate paid before the deduction of tax

p.a - per annum (per year)

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