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First Saver account

Helping to get children into the savings habit

First Saver accounts are available to children aged 16 years and under (or up to 18 years if the account is held in trust) who are resident in the Isle of Man. Please read the Summary Box below before you apply, this will give you key information about First Saver

Why choose First Saver?

Start saving from as little as £1.

Instant access to your money when you need it.

Get a free Pigbybank when you open an account.

Summary Box

Account name: First Saver

What is the interest rate?

As of 23rd June, the interest rate for First Saver will be reducing, following the Bank of England's decision to reduce the UK Base Rate to 0.10%.
Interest is calculated daily and paid quarterly on the first business day in January, April, July and October and at account closure. You’ll be able to see and access the interest in your account on the following day. The interest rate is variable, so it could go up or down.

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.

How much could I earn?

This example uses the interest rates that are available up to 23rd June 2020.This is only an example and does not take into account your individual circumstances. It assumes that no further deposits or withdrawals are made; there is no change to interest rate; and any interest earned stays in the account.

How do I open and manage my account?

  • All parties must be resident in the Isle of Man to apply.
  • If you're aged 18 years or over, you can open an account in trust for a child aged up to 16 years.
  • If you're aged between 7 - 16 years, you can open an account in your own name with the consent of your parent or guardian.
  • There is no minimum deposit required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.

Can I withdraw money?

  • Yes. No notice is required.
  • Account held in trust: you can withdraw money in branch, or transfer to any other account based in the UK, Channel Islands, Isle of Man or Gibraltar (online, by telephone or on the mobile app).
  • Account held by child: you can only make withdrawals in branch. If you’re aged 11 years or over, you can also register for our telephone and online banking services. There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking.

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 a First Saver account if you are:

  • Aged 16 years and under (or 18 years and under if the account is held in trust).
  • Permanently resident in the Isle of Man.

Account options:

  • If you're aged 18 years or over, you can open an account in trust for a child aged up to 16 years.
  • If you're aged between 7 - 16 years, you can open an account in your own name with the consent of your parent or guardian.

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 send you an email 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.

Lets get started...

To speed up your application for a First Saver 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 account.
Do you use Online Banking?
If you're registered for Online Banking then we'll pre-fill the application form, saving you time.

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 so you can have what you need to hand, here's some of the information we'll ask for:

  • Your sortcode & 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:

  • Your personal details (name, date of birth etc.)
  • Your address & contact details
  • Your tax identification number & passport number