Get rewarded when your savings grow by £50 or more each month
Why choose Savings Builder?
You get rewarded with higher interest rates when you grow your balance by at least £50 or more each month. If your balance grows by less than £50 in any month, you will earn a lower rate of interest.
- No minimum deposit to open your account
- Instant access to your savings
- Available to our current account customers
- Top up your savings with Rounds Ups
Round Ups is available to customers with an eligible current account, instant access savings account and the mobile app. Round Ups can only be made on debit card and contactless payments in Sterling.
Summary Box
Account name: Savings Builder account
What is the interest rate?
Can Isle of Man Bank change the interest rate?
What would the estimated balance be after 12 months based on a range of deposits?
How do I open and manage my account?
To apply for this account
- You must be aged 16 or over and resident in the Isle of Man.
- To open a savings account, you must hold an Isle of Man Bank current 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.
How to open your account
- You can open your account on our mobile app or online.
- We will need an email address and mobile number to open your account. You can update them in Online Banking.
- No minimum deposit is required to open the account
- There is no maximum balance limit.
Managing your account
- You can manage your account on our mobile app online, in branch or by telephone.
- You earn a higher rate of interest each month when you grow your balance by at least £50 each month. If your balance grows by less than £50 in any month, you will earn a lower rate of interest.
- You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app).
Can I withdraw money?
Yes, Savings Builder is an instant access savings account means that you can withdraw or transfer your money at any time without giving notice.
You can withdraw money:
- in branch
- by sending it to a sterling account held in the Isle of Man, Channel Islands, Gibraltar or UK (online, by telephone or using our 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 in our support centre or by contacting telephone banking.
If withdrawals made from your account mean that your month-to-month balance does not grow by at least £50, you will earn a lower rate of interest. You earn a higher rate of interest each month when you grow your balance by at least £50.
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).
Compound interest: Compound interest is interest that is paid on your original savings deposit plus any interest you’ve already earned.
How to apply
Before you apply for a Savings Builder account, please review our eligibility, important information and details on how we use your information so you're sure it's the right account for you.
You can open your account on our mobile app or online. If you need help with your account application, due to a health condition or impairment, please call us or visit us in branch, we’ll be happy to help.
Who is eligible to apply?
You can apply for a Savings Builder account if you’re:
- aged 16 or over
- resident in the Isle of Man and
- an Isle of Man Bank current account holder.
Please review our important information
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.