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Savings Builder account

Get rewarded when your savings grow by £50 or more each month

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 Savings Builder
What is the interest rate?
How much could I earn?
Managing your account
Can I withdraw money?
Additional information
Apply for a Savings Builder account

Why choose Savings Builder?

You get rewarded with higher interest rates when you grow your balance by at least £50 or more each month. If your balance grows by less than £50 in any month, you will earn a lower rate of interest.

  • No minimum deposit to open your account
  • Instant access to your savings
  • Available to our current account customers
  • 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: Savings Builder account

What is the interest rate?

Balance grows by less than £50 a month: regular saving condition is not met
Balance
£1 – £10,000
Over £10,000
AER p.a. (variable)
1.56%
1.56%
Gross p.a. (variable)
1.55%
1.55%
Balance grows by at least £50 a month: regular saving condition is met
Balance
£1 – £10,000
Over £10,000
AER p.a. (variable)
4.59%
1.56%
Gross p.a. (variable)
4.50%
1.55%
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 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. If, for example, you hold £11,000 in your account, and you have satisfied the interest condition, your interest rates for that monthly period will be 4.59% AER, 4.50% Gross p.a. (variable) on anything between £1 and £10,000 and 1.56% AER/1.55% Gross p.a. (variable) on anything over £10,000. You can find details of the interest condition in the Additional Information section.
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?

Regular saving condition is met: £50 deposited every month (£600 a year)
Initial deposit
£1,000
£10,000
Balance after 12 months
£1,660.69
£11,055.08
Interest earned
£60.69
£455.08
Regular saving condition is not met: £25 deposited every month (£300 a year)
Initial deposit
£1,000
£10,000
Balance after 12 months
£1,318.11
£10,458.21
Interest earned
£18.11
£158.21
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 or 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 Savings Builder account in your sole name, and only one Savings Builder 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 
  • There is no maximum balance limit.

Managing your account

  • You can manage your account on our mobile app online, in branch or by telephone.
  • You earn a higher rate of interest each month when you grow your balance by at least £50 each month. If your balance grows by less than £50 in any month, you will earn a lower rate of interest.
  • 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, 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 sending it to a sterling account held in the Isle of Man, Channel Islands, Gibraltar or UK (online, by telephone or using our 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.

If withdrawals made from your account mean that your month-to-month balance does not grow by at least £50, you will earn a lower rate of interest. You earn a higher rate of interest each month when you grow your balance by at least £50.

Additional information

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).

Compound interest: Compound interest is interest that is paid on your original savings deposit plus any interest you’ve already earned.

How to apply

Before you apply for a Savings Builder 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?

To apply for a Savings Builder account:

  • You must be aged 16 or over and be a resident in the Isle of Man.
  • You must hold an Isle of Man Bank current 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.

Please review our important information

If you continue to apply, 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.

Continue
Do you already have a current account with us?
Only existing current account holders are eligible to apply for a Savings Builder 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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Start your application now

Click on 'Start your application' to begin your online application.

As part of your application, we will ask you to upload some documents. This is important to verify your identity.

Make sure that the full name on this form matches the name on your photo ID exactly. Without your ID, you won't be able to finish your application.

We usually ask for:

  • Photo ID: This can be a driver's licence or passport.
  • A short video or selfie: This will be compared to your photo ID.
  • Bank statements or utility bills: These must be in PDF format.

We will get in touch with you by phone or email within two working days. Please check your inbox for our emails and remember to look in your junk folder as well.

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To start your application

To complete an application, you need to use a mobile device with a camera to scan the QR code.

As part of your application, we will ask you to upload some documents. This is important to verify your identity.

Make sure that the full name on this form matches the name on your photo ID exactly. Without your ID, you won't be able to finish your application.

We usually ask for:

  • Photo ID: This can be a driver's licence or passport.
  • A short video or selfie: This will be compared to your photo ID.
  • Bank statements or utility bills: These must be in PDF format.

We will get in touch with you by phone or email within two working days. Please check your inbox for our emails and remember to look in your junk folder as well.

How to Scan a QR Code

  • For iOS devices: Open the camera app, point it at the QR code, and tap the prompt that says ‘Open iombank.com.’
  • For Android devices: Open the camera app, point it at the QR code, and follow the instructions on the screen. If you don't see a prompt to visit iombank.com, you may need to download a QR code scanning app from the Google Play Store.
Previous
Are you using a mobile device or a computer?
Previous
Next

Start your application now

Click on 'Start your application' to begin your online application.

As part of your application, we will ask you to upload some documents. This is important to verify your identity.

Make sure that the full name on this form matches the name on your photo ID exactly. Without your ID, you won't be able to finish your application.

We usually ask for:

  • Photo ID: This can be a driver's licence or passport.
  • A short video or selfie: This will be compared to your photo ID.
  • Bank statements or utility bills: These must be in PDF format.

We will get in touch with you by phone or email within two working days. Please check your inbox for our emails and remember to look in your junk folder as well.

Your joint applicant will receive an email to upload their ID and provide consent.

Previous

To start your application

To complete an application, you need to use a mobile device with a camera to scan the QR code.

As part of your application, we will ask you to upload some documents. This is important to verify your identity.

Make sure that the full name on this form matches the name on your photo ID exactly. Without your ID, you won't be able to finish your application.

We usually ask for:

  • Photo ID: This can be a driver's licence or passport.
  • A short video or selfie: This will be compared to your photo ID.
  • Bank statements or utility bills: These must be in PDF format.

We will get in touch with you by phone or email within two working days. Please check your inbox for our emails and remember to look in your junk folder as well.

Your joint applicant will receive an email to upload their ID and provide consent.

How to Scan a QR Code

  • For iOS devices: Open the camera app, point it at the QR code, and tap the prompt that says ‘Open iombank.com.’
  • For Android devices: Open the camera app, point it at the QR code, and follow the instructions on the screen. If you don't see a prompt to visit iombank.com, you may need to download a QR code scanning app from the Google Play Store.
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Applying for a Savings Builder 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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