Savings Builder account
Why choose Savings Builder?
Get rewarded when your savings grow by £50 or more each month.
No minimum deposit required to open a Savings Builder account.
Exclusively available to customers that hold a current account with us.
Instant access to your money.
To become a Premier customer you'll need to be 18+, permanently resident in Isle of Man and meet the following criteria:
Sole income
Savings
Subject to acceptance
In detail: Savings Builder
What is the interest rate?
Rates applicable from 14 December 2021
Can Isle of Man Bank change the interest rate?
What would the estimated balance be after 12 months?
Regular saving condition is met
Following the rate change on 14 December 2021
Regular saving condition is not met
How do I open and manage my account?
- You must be aged 16 years or over to open an account.
- You must already have a current account with us, or apply for a current account with us at the same time as opening your savings account.
- You can only have one Savings Builder account in your sole name, and only one Savings Builder account in joint names with another person.
- You can open and manage your account in branch, online or by telephone.
- No minimum deposit is required to open the account; and there is no maximum balance limit.
- Each month your balance must grow by at least £50 to earn interest. If your balance grows by less than £50 in any month, you will not earn interest.
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)
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 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
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.