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Premium Saver account

You could earn bonus interest monthly on savings between £25,000 – £1 million

To apply you must be aged 16 or over, an existing Isle of Man Bank current account holder and be resident in the Isle of Man.
On this page
Why choose a Premium Saver account?
What is the interest rate?
How much could I earn?
Managing your account
Can I withdraw money?
Additional information
Apply for a Premium Saver account

Why choose Premium Saver?

It's a savings account that pays a monthly bonus on balances between £25,000 – £1m if you leave your money untouched.

  • Exclusively available for our current account customers, aged 16 years and over
  • Open your account online
  • 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: Premium Saver account

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
Over £1,000,000
AER p.a. (variable)
1.87% (no bonus paid)
1.97% (with 0.10% bonus)
2.07% (with 0.20% bonus)
2.27% (no bonus paid)
Gross p.a. (variable)
1.85%
1.95%
2.05%
2.25%
Bonus condition is not met: one or more withdrawals made in month
Balance
£1 – £24,999
£25,000 – £49,999
£50,000 – £1,000,000
Over £1,000,000
AER p.a. (variable)
1.87%
1.87%
1.87%
2.27%
Gross p.a. (variable)
1.85%
1.85%
1.85%
2.25%
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. 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 2.07% AER / 2.05% Gross p.a (variable) on your entire account balance.
Definitions explained

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?

No withdrawals made in any month: bonus condition is met
Initial deposit amount
£25,000
£50,000
Balance after 12 months
£25,491.88
£51,034.69
Interest earned
£491.88
£1,034.69

One withdrawal of £50 made each month, £600 withdrawn over the 12 months: bonus condition is not met during the year
Initial deposit amount
£1,000
£25,000
£50,000
£1,000,000
Balance after 12 months
£413.47
£24,860.01
£50,325.17
£1,018,000.97
Interest earned
£13.47
£460.01
£925.17
£18,600.97
These are only examples and do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made, there is no change to interest rates / tiers and any interest earned stays in the account.

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 savings account, you must hold an Isle of Man Bank current 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.

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.
  • 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.
  • 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, Premium Saver is an instant access savings account so you can withdraw your money at any time without giving notice.

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:

  • in branch
  • by transfer to any other account based in the UK (online, via telephone or 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

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. 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.

Additional terms for your Premium Saver account

  1. You can hold one or more Premium Saver accounts as a personal trustee on behalf of another. This is in addition to the maximum number of accounts you can hold as an individual. 
    • Direct Debit and standing order payments are not permitted on your account.
    • Overdrafts are not available on your account. 
    • Cheque books are not available on your account.
    • Debit Cards are not available on this account.
  2. If your Premium Saver account is held in joint names and one of you dies, the survivor can continue to hold the Premium Saver account regardless of any other Premium Saver account that they may hold.
  3. The maximum number of account holders on a joint Premium Saver account is two (except where the account is held in trust).

How to apply

Before you apply for a Premium 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 a Premium 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

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
Do you already have a current account with us?
Only existing current account holders are eligible to apply for this account.
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Is this account just for you, or is it a joint application?
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Are you using a mobile device or a computer?
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Next

Start your application now

Get your online application started by clicking 'Start application' below. 

The full name you put on this form must exactly match the one on the photo ID you'll use later in the application to apply. Without your ID to hand, your application can't be completed.

We usually ask for:

  • Photo ID, such as a Drivers licence or Passport.
  • A short video or selfie to compare with your photo ID
  • Bank e-statements or utility e-bill (these must be in PDF format)

We'll contact you by phone or email within two working days. Keep an eye on your inbox, watch out for our emails, and check your junk folder just in case.

Previous

To start your application

This must be completed using a mobile device (phone or tablet)

We’ll ask you to upload some documents as part of your application. This is important, as it helps us check you are who you say you are. Our ID partner Mitek will then complete all the checks for us.

The full name you put on this form must exactly match the one on the photo ID you'll use.  Without your ID to hand, your application can't be completed.

We usually ask for:

  • Photo ID, such as a Drivers licence or Passport.
  • A short video or selfie to compare with your photo ID.
  • Bank e-statements or utility e-bill (these must be in PDF format)

We'll contact you by phone or email within two working days. Keep an eye on your inbox, watch out for our emails, and check your junk folder just in case.

To start, scan this QR code.

To scan a QR code, if you are on an iOS Device then open the camera app, point it at the QR code and tap on the prompt to: Open “natwestinternational.com”. If on an Android device: Open the camera app, point it at the QR code and follow the onscreen instructions to start the application. If you don’t see a prompt to navigate to natwestinternational.com, you may need to download a QR code scanning app from the Google Play store or the App Store.)

Previous
Are you using a mobile device or a computer?
Previous
Next

Start your application now

Get your online application started by clicking 'Start application' below. 

The full name you put on this form must exactly match the one on the photo ID you'll use later in the application to apply. Without your ID to hand, your application can't be completed.

We usually ask for:

  • Photo ID, such as a Drivers licence or Passport
  • A short video or selfie to compare with your photo ID
  • Bank e-statements or utility e-bill (these must be in PDF format)

Your joint applicant will get an email to upload their ID and give consent.

We'll contact you by phone or email within two working days. Keep an eye on your inbox, watch out for our emails, and check your junk folder just in case.

Previous

To start your application

This must be completed using a mobile device (phone or tablet)

We’ll ask you to upload some documents as part of your application. This is important, as it helps us check you are who you say you are. Our ID partner Mitek will then complete all the checks for us.

The full name you put on this form must exactly match the one on the photo ID you'll use.  Without your ID to hand, your application can't be completed.

We usually ask for:

  • Photo ID, such as a Drivers licence or Passport.
  • A short video or selfie to compare with your photo ID.
  • Bank e-statements or utility e-bill (these must be in PDF format)

Your joint applicant will get an email to upload their ID and give consent.

We'll contact you by phone or email within two working days. Keep an eye on your inbox, watch out for our emails, and check your junk folder just in case.

To start, scan this QR code.

To scan a QR code, if you are on an iOS Device then open the camera app, point it at the QR code and tap on the prompt to: Open “natwestinternational.com”. If on an Android device: Open the camera app, point it at the QR code and follow the onscreen instructions to start the application. If you don’t see a prompt to navigate to natwestinternational.com, you may need to download a QR code scanning app from the Google Play store or the App Store.)

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Applying for a Premium Saver account

We currently only accept applications from existing Isle of Man Bank current account customers.

You can view our current accounts and apply online today

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