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Fixed term savings 

Plan ahead with fixed rates over a fixed term

To apply you must be 16+, resident in the Isle of Man and hold a Cash Management account with us. Early withdrawals or early closure (before maturity) of a Fixed Term Deposit are not permitted. Please read the Summary Box below before you apply, this will give you key information about Fixed Term Savings.

Why choose Fixed Term Savings?

Know in advance what your money will earn with a fixed interest rate for a set term.

You can choose a fixed term that suits you, either;

  • 3, 6, or 12 months and start saving from £5,000 
  • 2 or 3 years on balances from £25,000 

Cash Management account

When you apply for a Fixed Term Savings account you'll need to have a Cash Management account so that we can pay you any interest you have earned, as well as your deposit when it has come to the end of its term. 

To open a Cash Management account we may need to see confirmation of your identity and proof of your residential status.

In detail: Fixed Term Savings

What’s the interest rate?

Rates correct as at 12th March 2024. Actual rates on offer could be higher or lower, please call us or visit your branch for the latest rates.

Can Isle of Man Bank change the interest rate?

No. The interest rate is fixed for the term of your deposit. This means that the rate will not change between the Fixed Term Deposit Start Date and the Fixed Term Deposit Maturity Date.

How much interest could I earn?

Rates correct as at 12th March 2024. Actual rates on offer could be higher or lower, please call us or visit your branch for the latest rates.

How do I open and manage my account?

  • You must be aged 16 years or over to open an account
  • The minimum deposit is £5,000 for 3 months, 6 months and 12 month terms and £25,000 for 2 years and 3 years, or the currency equivalent (where a currency option is available).
  • You must already hold a Cash Management account or we will open one during your application for a Fixed term account
  • Accounts can be opened in branch or by telephone banking.
  • You can not add or withdraw money from your fixed rate savings account after the Start Date.
  • A deposit certificate will be sent to you within 14 working days confirming the details of your deposit.
  • You’ll need to open a Cash Management account for the payment of interest and to manage your Fixed Term Deposit.
  • On the Maturity Date, your deposit and any interest earned will be paid into your Cash Management account.
  • After the Maturity Date, if you no longer need the Cash Management account linked to your Fixed Term Deposit, please advise us in writing to close the account.

Can I withdraw or transfer money?

You can withdraw or transfer money from your Cash Management account:

There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking. You can find out the current daily limits on this website, by contacting telephone banking or asking in branch.

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).

Terms and fees

The following terms, fees and interest rates apply to our Fixed Term Deposit account.

Information sheet

This information sheet sets out the key information you need to know about the 2 and 3 year Platinum fixed term deposit including interest rates and balance examples.

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 for more information.

Ready to apply

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Chat to Cora

If you are registered for our mobile app or online banking, you can log in and ask Cora to help you apply for a Fixed Term Deposit.

Just type "Fixed Term Deposit" into Cora.

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By telephone

Give us a call on 01624 637000 and we'll be happy to help you apply for a Fixed Term Deposit.

Lines are open Monday to Tuesday 9am - 5pm, Wednesday 10am - 5pm and Thursday to Friday 9am - 5pm (except public holidays). Calls may be recorded.