Deposit your money for a fixed term to earn guaranteed interest rate
To apply, you must be aged 16 or over, have a minimum deposit of £5,000 and be resident in the Isle of Man. Early withdrawals or account closure before the Maturity Date of a Fixed Term Deposit are not permitted. Please read the Summary Box below which gives you key information. To open a Fixed Term Deposit, you must have a Cash Management account.
Why choose a fixed term for your savings?
With our fixed interest rate, you'll always know how much your money will grow.
You can open a Sterling Fixed Term Deposit with:
- £5,000 for terms of 3, 6, or 12 months
- £25,000 for a 2-year deposit
We also offer Fixed Term Deposits in Euros and US Dollars.
Remember, you won't be able to add or withdraw money from your Fixed Term Deposit until the end of the term.
Summary Box
Account name: Fixed Term Deposit (Sterling)
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 deposits and terms?
How do I open and manage my account?
To apply for this account
- You must be aged 16 or over and resident in the Isle of Man.
- To open a Fixed Term Deposit, you must have a Cash Management account with us.
- For 3, 6 and 12 month terms, you can deposit between £5,000 and £19,999,999.
- For 2 year terms, you can deposit between £25,000 and £4,999,999.
How to open a Fixed Term Deposit
- Once your 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 Fixed Term Deposit starts, you won’t be able to add more 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 Cash Management account.
- Once the deposit matures, if you no longer require the 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 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 Sterling 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?
You can apply for a Fixed Term Deposit account if you’re:
- aged 16 or over
- resident in the Isle of Man
- depositing at least £5,000 for 3, 6 or 12 months or depositing at least £25,000 for 2 years
You'll need a Cash Management account to manage a Fixed Term Deposit.
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. By proceeding with your application you also agree that you’ll receive your statements in a paperless format. We'll email you 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.