Savings Builder account

Get rewarded for saving regularly

To apply you must be 16+ and resident in Isle of Man. Please read the Summary Box below before you apply, this will give you key information about Savings Builder.

Why choose Savings Builder?

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

No minimum deposit required to open a Savings Builder account.

Exclusively available to customers that hold a current account with us.

Instant access to your money.

Summary Box

Account name: Savings Builder

What is the interest rate?

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 regular saving condition, your interest rates for that monthly period will be: 1.50% on the first £10,000 and 0.45% on anything over £10,000. You can find details of the regular saving condition in the Additional information section. 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.

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?

£50 deposited every month: regular saving condition is met

£25 deposited every month: regular saving condition is not met

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 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 Savings Builder account in your sole name, and only one Savings Builder account in joint names with another person.
  • You can open and manage your account in branch, online or by telephone.
  • No minimum deposit is required to open the account; and there is no maximum balance limit.
  • Each month your balance must grow by at least £50 to earn interest. If your balance grows by less than £50 in any month, you will not earn interest.

Can I withdraw money?

Yes. No notice is required.

You can withdraw money:

  • in branch
  • by transfer to any other account based in the UK (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.

The current daily limits and how to withdraw more than them can be found on this website or by contacting telephone banking.

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).

Ready to apply? Great, let's get started...

Are you resident in the Isle of Man?

You can apply for a Savings Builder account if you are:

  • Aged 16+ and permanently resident in the Isle of Man.
  • Have an Isle of Man Bank current account.

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.

Ready to continue?

Do you already bank with us?

You need to have a current account with us to apply

We currently only accept applications from existing Isle of Man Bank current account customers.

You can view our current account range and apply online today.

Do you know your Online banking details

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

We're sorry...

We currently only accept applications from residents of the Isle of Man.