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Instant Saver account

Our simple instant access account

To apply you must be 16+ and resident in Isle of Man. Please read the Summary Box below before you apply, this will give you key information about Instant Saver.
On this page
Account features
What is the interest rate?
How much could I earn?
Definitions
Apply now

Why choose Instant Saver?

Instant access to your money when you need it.

No minimum deposit required.

Apply online in less than 10 minutes.

In detail: Instant Saver

What is the interest rate?

The following rates apply to our Instant Saver account until 13 December 2021
Balance
£1+
Gross p.a./AER (variable)
0.05%
Our Instant Saver account rates are subject to change on 14 December 2021 as outlined below. Existing customers will be contacted by e-mail or letter to advise of these changes. We will give at least 60 days notice in line with our terms and conditions.

Rates applicable from 14 December 2021

The following rates apply to our Instant Saver account from 14 December 2021

Balance

£1-£50,000
Over £50,000

Gross p.a./AER (variable)

0.01%
0.05%
Interest rates are variable and are subject to change. Interest is calculated daily and paid on the first business day of each month and at account closure. You can see and access the interest in your account on the following day.
Our savings account rates

Can Isle of Man Bank change the interest rate?

Yes, these rates are variable. They 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 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. Term 10.4 contains details of the notice we’ll give you.

How much could I earn?

Estimated balance after 12 months based on a range of deposits.
Initial deposit amount
£1,000
£25,000
£100,000
Balance after 12 months
£1,000.50
£25,012.50
£100,050.01
Interest earned
£0.50
£12.50
£50.01
Our Instant Saver account rates are subject to change on 14 December 2021.

Estimated balances following the interest rate change on 14 December 2021

Initial deposit at account opening
£1,000
£25,000
£100,000
Balance after 12 months
£1,000.10
£25,002.50
£100,050.01
Interest earned
£0.10
£2.50
£50.01
These are only examples that do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made; there is no change to the interest rates; and any interest earned stays in the account.

How do I open and manage my account?

  • You must be aged 16 years or over to open an account.
  • You can open your account in branch or online and manage your account in branch, online, by telephone and on the mobile app.
  • You can also pay money into your account at one of our cash deposit machines.
  • 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.

Can I withdraw money?

Yes. No notice is required. You can withdraw money:

  • in branch
  • by transfer to any other account based in the UK (online, by telephone or on the mobile app)
  • up to £250 per day at any cash machine

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

The current daily limits and how to withdraw more than them can be found on this website or by contacting telephone banking.

Definitions

AER: Stands for Annual Equivalent Rate. It shows you what the rate would be if the interest was paid and compounded each year.

Gross Rate: This means the interest rate you are paid without deduction of income tax.

p.a.: Per annum (per year).

Ready to apply?

Before you apply, we've outlined the eligibility for the account below, along with our terms and conditions so you can make sure it's the right account for you.

You can apply for an Instant Saver account if you are:

  • Aged 16+ and permanently resident in the Isle of Man.

Please review our important information

By clicking continue you’re confirming that you’ve been provided with, and have acknowledged our important documents. By proceeding with your application you also agree that you’ll receive your statements in a paperless format. We'll send you an email when your statements are ready to view in Online banking.

How your information might be used

It's important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

Lets get started...

To speed up your application for an Instant Saver account, we need to run through some quick questions with you. They'll only take a few minutes.

Continue
Do you already bank with us?
Please tell us if you already hold an Isle of Man Bank account.
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Do you use Online Banking?
If you're registered for Online Banking then we'll pre-fill the application form, saving you time.
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Would you like to apply for a sole or joint account?
Please tell us if the application is just for you or a joint application.
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Great, looks like you're all set and ready to go!

Just a heads up - we'll ask you to log in to your Online Banking at the next step.

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Great, looks like you're all set and ready to go!

Just a heads up - we'll ask you to log in to your Online Banking at the next step.

Previous
Would you like to apply for a sole or joint account?
Please tell us if the application is just for you or a joint application.
Previous
Next

Great, looks like you're all set and ready to go!

Just so you can have what you need to hand, here's some of the information we'll ask for:

  • Your sort code & account number
  • Your personal details (name, date of birth etc.)
  • Your address & contact details
  • Your tax identification number & passport number
Previous

Great, looks like you're all set and ready to go!

Just so you can have what you need to hand, here's some of the information we'll ask for, from each applicant:

  • Your sort code & account number
  • Your personal details (name, date of birth etc.)
  • Your address & contact details
  • Your tax identification number & passport number
Previous
Would you like to apply for a sole or joint account?
Please tell us if the application is just for you or a joint application.
Previous
Next

Great, looks like you're all set and ready to go!

Just so you can have what you need to hand, here's some of the information we'll ask for:

  • Your personal details (name, date of birth etc.)
  • Your address & contact details
  • Your tax identification number & passport number
Previous

Great, looks like you're all set and ready to go!

Just so you can have what you need to hand, here's some of the information we'll ask for, from each applicant:

  • Your personal details (name, date of birth etc.)
  • Your address & contact details
  • Your tax identification number & passport number
Previous