Helping to get children into the savings habit
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.
Account name: First Saver
What is the interest rate?
AER/Gross p.a. (variable)
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?
Initial deposit amount
Balance after 12 months
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.
Account held in trust (0 - 16 years)
Account held by child (7 - 16 years)
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.
Annual Equivalent Rate (AER): This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross Rate: The interest rate you are paid without the deduction of income tax.
p.a.: Per annum (per year)