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Premium Saver account

Get rewarded for leaving your savings untouched

To apply you must be 16+ and resident in the Isle of Man. Please read the Summary Box below before you apply, this will give you key information about Premium Saver.
On this page
Account features
What is the interest rate?
How much could I earn?
Common questions
Definitions
Apply for a Premium Saver account

Why choose Premium Saver?

  • Earn a monthly bonus (on balances between £25,000 and £1 million) if you leave your money untouched
  • Exclusively available for current account customers, aged 16 and over
  • Apply online in 10 minutes
  • Top up your savings with Rounds Ups

Summary Box

Account name: Premium Saver account

What's the interest rate?

No withdrawals made in month: bonus condition is met

Balance
£1 – £24,999
£25,000 – £49,999
£50,000 – £1,000,000
£1,000,000+
AER p.a. (variable)
2.32% (no bonus paid)
2.43% (includes 0.10% bonus)
2.53% (includes 0.20% bonus)
2.73% (no bonus paid)
Gross p.a. (variable)
2.30%
2.40%
2.50%
2.70%

Withdrawals made in month: bonus condition is not met

Balance
£1 – £24,999
£25,000 – £49,999
£50,000 – £1,000,000
£1,000,000+
AER p.a. (variable)
2.32% (no bonus paid)
2.32% (no bonus paid)
2.32% (no bonus paid)
2.73% (no bonus paid)
Gross p.a. (variable)
2.30%
2.30%
2.30%
2.70%
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 2.50% Gross p.a. on your entire account balance. You can find details of the bonus 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 interest could I earn?

Estimated balance after 12 months, based on a range of deposits

No withdrawals made in any month: bonus condition is met

Estimated balance after 12 months based on a range of deposits
Initial deposit amount
£25,000
£50,000
£150,000
Balance after 12 months
£25,606.64
£51,264.42
£153,793.27
Interest earned
£606.64
£1,264.42
£3,793.27
These are only examples that do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made; there is no change to the interest rates; and any interest earned stays in the account.

£50 withdrawal made each month: bonus condition is not met

Initial deposit amount
£25,000
£50,000
£150,000
Balance after 12 months
£24,973.10
£50,552.59
£152,870.55
Interest earned
£573.10
£1,152.59
£3,470.55
These are only examples that do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made; there is no change to the interest rates; 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 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 your account in branch or online and manage your account in branch, online, by telephone and on the mobile app.
  • 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 I withdraw money?

Yes, Premium Saver is an instant access savings account which means that you can access your money at any time. 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.

You can withdraw money:

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 or by contacting telephone banking.

Common questions

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 Premium Saver 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 email you 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.

Let's get started...

To speed up your application for a Premium Saver account, we need to run through some quick questions with you. They'll only take a few minutes.

Continue
Do you already have a current account with us?
Only existing current account holders are eligible to apply for this account.
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Do you use Online Banking?
If so, we'll pre-fill your application to save you time.
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Would you like to apply for a sole or joint account?
Please tell us if the application is just for you or a joint application.
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Log in to Online Banking to start your application (please read below carefully)

To apply, you'll need to log in to Online Banking, then return to our savings page.

How to apply:
(Please take notes or a picture of this, so you remember)

  1. Log in to Online Banking, using your customer number or 16 digit card number. Then enter your Online Banking pin and password. 
  2. Choose 'Savings' (it's under 'Our products', bottom right).
  3. You'll return to our savings accounts page. 
  4. Choose 'More on Premium Saver', under 'Instant access savings accounts'.
  5. Choose 'Apply for a Premium Saver account'. 
  6. Choose 'Continue' under 'Let's get started'.
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Log in to Online Banking to start your application (please read below carefully)

To apply, you'll need to log in to Online Banking, then return to our savings page.

How to apply:
(Please take notes or a picture of this, so you remember)

  1. Log in to Online Banking, using your customer number or 16 digit card number. Then enter your Online Banking pin and password. 
  2. Choose 'Savings' (it's under 'Our products', bottom right).
  3. You'll return to our savings accounts page. 
  4. Choose 'More on Premium Saver', under 'Instant access savings accounts'.
  5. Choose 'Apply for a Premium Saver account'. 
  6. Choose 'Continue' under 'Let's get started'.
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Would you like to apply for a sole or joint account?
Please tell us if the application is just for you or a joint application.
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Next

Great, you're ready to go!

Get your online application started by clicking 'Start your application' below. The full name you put on this form must exactly match the one on the photo ID you'll use to apply.

After you’ve finished your online application you’ll receive an email or secure inbox message within 2 working days asking you to:

  1. Complete our Customer Acceptance form, and;
  2. Upload your identity documents digitally.

Once we have everything, we’ll open your account and send your new account details to you within 5 working days.

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Great, you're ready to go!

Get your online application started by clicking 'Start your application' below. The full name you put on this form must exactly match the one on the photo ID you'll use to apply.

After you’ve finished your online application you’ll receive an email or secure inbox message within 2 working days asking you to:

  1. Complete our Customer Acceptance form, and;
  2. Upload your identity documents digitally.

Once we have everything, we’ll open your account and send your new account details to you within 5 working days.

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Applying for a Premium Saver account

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

You can view our current accounts and apply online today.

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