Search
Search
Overlay
Plan ahead with fixed rates over a fixed term

Fixed term savings

To apply you must be 16+, resident in the Isle of Man and hold a Cash Management account with us. Early withdrawals or early closure (before maturity) of a Fixed Term Deposit are not permitted. Please read the Summary Box below before you apply, this will give you key information about Fixed Term Savings. 

On this page
Account features
Cash Management account
What's the interest rate?
How much could I earn?
Important information
Definitions
Apply online, in branch or call us

Why choose Fixed Term Savings?

Know in advance what your money will earn with a fixed interest rate for a set term.

You can choose a fixed term that suits you, either;

  • 3, 6, or 12 months and start saving from £5,000 
  • 2 years on balances from £25,000 

2 year fixed terms are a limited offer and may be withdrawn from sale at any time without prior notice.

Cash Management account

When you apply for a Fixed Term Savings account you'll need to have a Cash Management account so that we can pay you any interest you have earned, as well as your deposit when it has come to the end of its term. 

To open a Cash Management account we may need to see confirmation of your identity and proof of your residential status.

More about Cash Management account

Summary Box

Account name: Fixed Term Savings

What’s the interest rate?

Rates correct as of 10th October 2024. Actual rates on offer could be higher or lower, please call us or visit your branch for the latest rates.
Balance
£5,000 – £99,999
 £100,000 – £999,999
£1,000,000 – £19,999,999
Annual Equivalent Rate (AER)
3.96%
4.07%
4.27%
Gross p.a. (fixed)
3.90%
4.00%
4.20%
The above interest rates are an indication only, please call us or visit your local branch for the latest rates. Interest rates may also vary depending on deposit term. Interest is calculated daily from the date of your deposit and will be paid on the maturity date. We also offer Fixed Term Multi-Currency Deposits in a variety of major currencies including US Dollars and Euro. Please call us or visit your local branch for details. Please note that interest rates for our Currency Fixed Term Deposits change daily so will be provided on an indicative basis.
Balance
£5,000 – £99,999
 £100,000 – £999,999
£1,000,000 – £19,999,999
Annual Equivalent Rate (AER)
4.06%
4.16%
4.37%
Gross p.a. (fixed)
3.99%
4.09%
4.29%
The above interest rates are an indication only, please call us or visit your local branch for the latest rates. Interest rates may also vary depending on deposit term. Interest is calculated daily from the date of your deposit and will be paid on the maturity date. We also offer Fixed Term Multi-Currency Deposits in a variety of major currencies including US Dollars and Euro. Please call us or visit your local branch for details. Please note that interest rates for our Currency Fixed Term Deposits change daily so will be provided on an indicative basis.
Balance
£5,000 – £99,999
 £100,000 – £999,999
£1,000,000 – £19,999,999
Annual Equivalent Rate (AER)
4.32%
4.42%
4.63%
Gross p.a. (fixed)
4.24%
4.34%
4.54%
The above interest rates are an indication only, please call us or visit your local branch for the latest rates. Interest rates may also vary depending on deposit term. Interest is calculated daily from the date of your deposit and will be paid on the maturity date. We also offer Fixed Term Multi-Currency Deposits in a variety of major currencies including US Dollars and Euro. Please call us or visit your local branch for details. Please note that interest rates for our Currency Fixed Term Deposits change daily so will be provided on an indicative basis.
Balance
£25,000 - £4,999,999
Annual Equivalent Rate (AER)
3.65%
Gross p.a. (fixed)
3.65%
This is a limited offer and may be withdrawn from sale at any time without prior notice. Interest is calculated daily and paid either quarterly, annually or on the maturity date into the Cash Management account. The date of maturity is 30/11/2026. Early withdrawals or early closure (before maturity) of a Fixed Term Deposit are not permitted.

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 Fixed Term Deposit Start Date and the Fixed Term Deposit Maturity Date.

What would the estimated balance be after 12 months based on a range of deposits?

Rates correct as of 10th October 2024. Actual rates on offer could be higher or lower, please call us or visit your branch for the latest rates.
Fixed amount deposited at start date
£5,000
 £250,000
£1,000,000
Interest earned
£99.75
£5,112.50
£21,450.00
Balance at maturity date
£5,099.75
£255,112.50
£1,021,450.00
The above interest rates are an indication only, please call us or visit your local branch for the latest rates. Interest rates may also vary depending on deposit term. Interest is calculated daily from the date of your deposit and will be paid on the maturity date. The Interest earned and balance at maturity are examples only and do not take into account individual circumstances. The examples assume that interest is paid at maturity.
Fixed amount deposited at start date
£5,000
 £250,000
£1,000,000
Interest earned
£212.00
£10,850.00
£45,400.00
Balance at maturity date
£5,212.00
£260,850.00
£1,045,400.00
The above interest rates are an indication only, please call us or visit your local branch for the latest rates. Interest rates may also vary depending on deposit term. Interest is calculated daily from the date of your deposit and will be paid on the maturity date. The Interest earned and balance at maturity are examples only and do not take into account individual circumstances. The examples assume that interest is paid at maturity.
Fixed amount deposited at start date
£25,000
Interest earned
£1,858.31
Balance at maturity date
£26,858.31
The above interest rates are an indication only, please call us or visit your local branch for the latest rates. Interest rates may also vary depending on deposit term. Interest is calculated daily from the date of your deposit and will be paid on the maturity date. The Interest earned and balance at maturity are examples only and do not take into account individual circumstances. The examples assume that interest is paid at maturity.

How do I open and manage my account?

  • You must be aged 16 years or over to open an account
  • The minimum deposit is £5,000 for 3 months, 6 months and 12 month terms and £25,000 for 2 years, or the currency equivalent (where a currency option is available).
  • You must already hold a Cash Management account or we will open one during your application for a Fixed term account
  • Accounts can be opened in branch or by telephone banking.
  • You can not add or withdraw money from your fixed rate savings account after the Start Date.
  • A deposit certificate will be sent to you within 14 working days confirming the details of your deposit.
  • You’ll need to open a Cash Management account for the payment of interest and to manage your Fixed Term Deposit.
  • On the Maturity Date, your deposit and any interest earned will be paid into your Cash Management account.
  • After the Maturity Date, if you no longer need the Cash Management account linked to your Fixed Term Deposit, please advise us in writing to close the account.

Can I withdraw or transfer money?

You can withdraw or transfer money from your Cash Management account:

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, by contacting telephone banking or asking in branch.

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).

Terms and fees

The following terms, fees and interest rates apply to our Fixed Term Deposit account.

Information sheet

This information sheet sets out the key information you need to know about the 2 year Platinum fixed term deposit including interest rates and balance examples.

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 for more information.

Ready to apply?

Chat to Cora 

Cora can help you apply for fixed term savings account if you're registered for our mobile app or online banking, here's how:

Cora can help you apply for a fixed term savings account if you're registered for our mobile app or online banking, and you hold a Cash Management account. 

If you don't hold a Cash Managment account, you can apply for a Cash Management account.

If you already hold a Cash Management account, here's how to apply:

1. Log in to online banking or open the mobile app

2. choose 'Chat to Cora'

Online Banking -  From your home screen, click 'chat to Cora' to start a chat.

Mobile app - go to the home screen of your mobile banking app. Tap ‘Help’ at the bottom of the screen, then ‘Chat to Cora’.

3. type "fixed deposit" in the chat.

Log in to online banking and chat to Cora

Get in touch

Give us a call on 01624 637000 and we'll be happy to help you apply for a Fixed Term Deposit.

Lines are open Monday to Tuesday 9am - 5pm, Wednesday 10am - 5pm and Thursday to Friday 9am - 5pm (except public holidays). Calls may be recorded.

Find your telephone banking team to chat to
Find your nearest branch