An instant access savings account
Why choose an Instant Saver account?
Start saving with a simple account that lets you move money in and out easily, while still earning interest.
- Instant access to your savings when you need them
- No minimum deposit
- Top up your savings with Rounds Ups
Round Ups is available to customers with an eligible current account, instant access savings account and the mobile app. Round Ups can only be made on debit card and contactless payments in Sterling.
Summary Box
Account name: Instant Saver account
What is the interest rate?
Can Isle of Man Bank change the interest rate?
Yes, the rate is variable. We can change rates for any of the reasons set out in section 10.3 of the Personal Banking Account Terms and Fees such as responding to a change in the Bank of England’s base rate.
If rates are going down, we’ll give you at least 60 days’ notice. If rates are going up, we’ll tell you before the change or at the earliest opportunity afterwards. For more details, please read section 10.4 of the Personal Banking Account Terms and Fees.
What would the estimated balance be after 12 months based on a range of deposits?
How do I open and manage my account?
To apply for this account
- You must be aged 16 or over and be resident in the Isle of Man.
- To open a savings account, you must hold an Isle of Man Bank current account.
How to open your account
- You can open your account on our mobile app or online.
- We will need an email address and mobile number to open your account. You can update them in online banking.
- No minimum deposit is required to open the account and no minimum deposit needs to be made on a regular basis.
- There is no maximum balance limit.
Managing your account
- You can manage your account on our mobile app, online, in branch or by telephone.
- You can also pay money into your account at one of our cash deposit machines.
- You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (online, by telephone or on the mobile app).
Can I withdraw money?
Yes, Instant Saver is an instant access savings account so you can withdraw your money at any time without giving notice.
You can withdraw money:
- in branch
- or transfer to any other account based in Jersey, Guernsey, Isle of Man, Gibraltar or in the UK (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. The current daily limits and how to withdraw more than them can be found in our support centre or by contacting telephone banking.
Additional information
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).
Compound interest: Compound interest is interest that is paid on your original savings deposit plus any interest you’ve already earned.
How to apply
Before you apply for an Instant Saver account, 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.
You can open your account on our mobile app or online. If you need help with your account application, due to a health condition or impairment, please call us or visit us in branch, we’ll be happy to help.
Who is eligible to apply?
You can apply for an Instant Saver account if you’re:
- aged 16 or over
- resident in the Isle of Man and
- you hold an Isle of Man Bank current account.
Please review our important information
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.