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We'd like to make you aware that our planned changes to Isle of Man Bank came into effect on 28 May 2019

Our proposal to move the Isle of Man Bank business from Isle of Man Bank Limited to the Isle of Man branch of The Royal Bank of Scotland International Limited was approved by the Isle of Man High Court of Justice on 21 May 2019. The changes came into effect from 28 May 2019.

More about the change

Premium Saver

Earn bonus interest on your savings

Earn bonus interest on balances between 25,000 - 1,000,000

Our Premium Saver account could help you grow your savings; and it now takes just minutes to open your new savings account online, or in branch. Premium Saver lets you earn a monthly bonus interest rate if you leave your money untouched and our balance is between 25,000 and 1,000,000.

If your balance drops below 25,000 or goes above 1,000,000, then you won't earn the bonus and your rate could change, and if you make a withdrawal, you won't earn the bonus in the month you withdraw.

Here's what these rates will mean for your savings:

One or more withdrawals made in month:
bonus condition not met
No withdrawals made in month:
bonus condition is met
Balance AER / Gross p.a. (variable) AER / Gross p.a. (variable))
1 - 24,999 0.20% 0.20% (no bonus paid)
25,000 - 49,999 0.20% 0.60% (inc. 0.40% bonus)
50,000 - 1,000,000 0.20% 0.85% (inc. 0.65% bonus)
1,000,000+ 0.45% 0.45% (no bonus paid)

The need-to-knows

  • 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 0.85% AER/Gross p.a. on your entire account balance.
  • 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.

Eligibility:

You must be 16 years or over and have a current account with us, or apply for a current account with us at the same time.

Frequently asked questions

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 Premium Saver account in your sole name, and only one Premium Saver account in joint names with another person.

You can open and manage your account in branch, online and by telephone.

No minimum deposit is required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.

However, 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.

Can NatWest International change the interest rate?

Yes, the interest rate is variable.

The rate 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's 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. 10.4 of the Personal Banking Account Terms and Fees contains details of the notice we'll give you.

Can I withdraw money?

Yes. No notice is required.

You can withdraw money:

  • in branch
  • by transfer to any other account based in the Isle of Man, Channel Islands, UK or Gibraltar (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.

However 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.

How much could I earn - with bonus interest

No withdrawals made in any month

Initial deposit Balance after 12 months Interest earned
25,000.00 25,150.41 150.41
50,000.00 50,426.66 426.66
150,000.00 151,279.98 1,279.98

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 and tiers; and any interest earned stays in the account.

How much could I earn - without bonus interest

One withdrawal of 50 each month for a year (600 in total)

Initial deposit Balance after 12 months Interest earned
25,000.00 24,449.39 49.39
50,000.00 49,499.44 99.44
150,000.00 149,699.62 299.62

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 and tiers; and any interest earned stays in the account.

Additional information

How do I earn bonus interest?
To earn the bonus in each monthly bonus period, your account balance must be between 25,000 and 1,000,000, and you must not make any withdrawals from your account for that month.

A monthly bonus period runs from close of business on the second-last business day of one month, to close of business on the second-last business day of the following month.

Close of business times differ depend on whether you pay in your money in branch, or by using our telephone, online or mobile banking services.

What happens if I close my account?
You will not earn bonus interest for the monthly bonus period of closure. The interest rate without bonus will continue to apply up until the day you close your account.

Balance tiers
Bonus interest only applies on balances between 25,000 – 1,000,000 where the bonus condition is met. No bonus interest will be earned for any day on which your account balance is less than 25,000 or greater than 1,000,000.

For example, if your account balance is 1,100,000, you will not earn bonus interest on any part of your balance. You will earn 0.45% AER/Gross p.a. (variable) on your entire account balance.

Ready to apply?

The application usually takes less than 10 minutes.

If you're an existing Online Banking customer we'll pre-populate the application form, saving you time and you should receive your new sort code and account number straight away.

Definitions

Annual Equivalent Rate (AER)
This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.

Gross
This is the Interest rate paid before the deduction of tax

p.a.
Per annum (per year)