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Premier Banking

Premium Saver account

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

Why choose Premium Saver?

  • Earn a monthly bonus (on balances between £25,000 and £1 million) if you leave your money untouched
  • Exclusively available for current account customers, aged 16 and over
  • Apply online in 10 minutes
  • Top up your savings with Rounds Ups

To become a Premier customer you'll need to be 18+, permanently resident in the Isle of Man and meet the following criteria:

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Sole income

Sole income of at least £100,000 paid into an Isle of Man Bank account
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Savings

Savings of at least £100,000 held in an Isle of Man Bank account
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Subject to acceptance

Premier is subject to application, status and acceptance by Isle of Man Bank.

Summary Box

Account name: Premium Saver

What is the interest rate?

No withdrawals made in month: bonus condition is met

Balance
£1 - £24,999
£25,000 - £49,999
£50,000 - £1,000,000
£1,000,000+
Gross p.a./AER (variable)
0.01% (no bonus paid)
0.25% (includes 0.05% bonus)
0.35% (includes 0.15% bonus)
0.20% (no bonus paid)

Withdrawals made in month: bonus condition is not met

Balance
£1 - £24,999
£25,000 - £49,999
£50,000 - £1,000,000
£1,000,000+
Gross p.a./AER (variable)
0.01% (no bonus paid)
0.20% (no bonus paid)
0.20% (no bonus paid)
0.20% (no bonus paid)
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 0.35% 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.
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.

No withdrawals made in any month: bonus condition is met

Estimated balance after 12 months based on a range of deposits

Initial deposit amount

£25,000
£50,000
£150,000

Balance after 12 months

£25,062.50
£50,175.00
£150,525.00

Interest earned

£62.50
£175.00
£525.00
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.

£50 withdrawal made each month: bonus condition is not met

Initial deposit amount

£25,000
£50,000
£150,000

Balance after 12 months

£24,449.36
£49,499.26
£149,698.90

Interest earned

£49.36
£99.26
£298.90
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 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 your account in branch or online and manage your account in branch, online, by telephone and on the mobile app.
  • 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 I withdraw money?

Yes, Premium Saver is an instant access savings account which means that you can access your money at any time. 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.

You can withdraw money:

There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking. You can find out the current daily limits on this website or by contacting telephone banking.

Additional information

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 account if you are:

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

To apply online today you must already be a Premier Banking customer with an Isle of Man Bank current account.

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 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.

Let’s get started...

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

Continue
Are you an existing Premier Banking customer?
Please tell us if you already hold an Isle of Man Bank Premier 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!

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!

We'll ask you to log in to your online banking at the next step.

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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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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
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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
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You can still apply today...

This is the Premium Saver account application for Premier Banking customers.

You can find out more about becoming a Premier Banking customer or applying for a Premium Saver account below.

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