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Savings Builder

Build your savings with our regular savings 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 Savings Builder.

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
  • Top up your savings with Rounds Ups

In detail: Savings Builder

What is the interest rate?

Interest is paid on the above tiers on a stepped basis which means you’ll earn a different rate on each portion of your balance within the above tiers. For example, if you hold £11,000 in your account, and you have satisfied the regular saving condition, your interest rates for that monthly period will be: 2.25% on anything between £1 and £10,000 0.60% on anything over £10,000 You can find details of the regular saving 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.

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.

What would the estimated balance be after 12 months?

Regular saving condition is met

£50 deposited every month:

Regular saving condition is not met

£25 deposited every month:
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 interest rates and tiers; 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 Savings Builder account in your sole name, and only one Savings Builder account in joint names with another person.
  • You can open your account in branch and online and manage your account in branch, online, by telephone and on the mobile app.
  • 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, Savings Builder is an instant access savings account means that you can withdraw or transfer your money at any time without giving notice.

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.

Please note: Withdrawal during the month which means your month-to-month balance does not increase by £50 or more will result in the regular saving condition not being met and interest not being earned.

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.
  • Have 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 Savings Builder account, we need to run through some quick questions with you. They'll only take a few minutes.

Do you already bank with us?
Please tell us if you already hold an Isle of Man Bank current account.
Do you use Online Banking?
If you're registered for Online Banking then we'll pre-fill the application form, saving you time.
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.

Great, looks like you're all set and ready to go!

Just a heads-up; we'll ask you to log in to your Online Banking at the next step.

Great, looks like you're all set and ready to go!

Just a heads-up; we'll ask you to log in to your Online Banking at the next step.

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.

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

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

You need to have a current account with us...

Our Savings Builder account is only available to existing Isle of Man Bank customers who already have one of our current accounts.

View our current accounts