Island Fixed Deposit Contract

Island Fixed Deposit Contracts allow you to fix your money at an agreed interest rate for a set period of time. Available in Sterling and US dollars, with a range of fixed time periods to choose from

Ways to apply

Features & benefits

Fixed rate savings account so you know exactly how much interest you will earn

Available in Sterling and US dollar currencies

A choice of fixed time periods to choose from: 3 month, 6 month, 12 month and 24 month

Interest is paid on maturity for 3 month, 6 month and 12 month contracts and annually or on maturity for 24 month contracts

Withdrawals are not permitted until the contract maturity date

Key information

  • Your initial deposit will be paid into an Island Gold Account which we will automatically open for you
  • Once a contract has been fixed, no additional deposits are allowed
  • Once a contract has been fixed, no withdrawals are permitted until the contract maturity date
  • As interest rates are subject to change, we will fix your money at the interest rate applicable on the day your deposit is received
  • At the end of the contract your capital and interest will be paid into your Island Gold Account, unless we receive alternative maturity instructions from you
  • Cheque books or debit cards are not available
  • Standing orders or direct debits are not permitted
  • Please refer to the General Terms and Conditions for Fixed Deposit Contracts

Interest rates

Island 3 Month Fixed Deposit Contract - Sterling

Interest is paid on maturity. The minimum balance requirement is £25,000.

Interest rates are effective from 01 February 2021

Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
£25,000 - £74,999 0.05% 0.05%
£75,000 - £999,999 0.05% 0.05%
£1,000,000+ 0.05%* 0.05%*

Island 3 Month Fixed Deposit Contract - US dollar

Interest is paid on maturity. The minimum balance requirement is $25,000.

Interest rates are effective from 01 February 2021

Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
$25,000 - $74,999 0.05% 0.05%
$75,000 - $999,999 0.05% 0.05%
$1,000,000+ 0.05%* 0.05%*

Island 6 Month Fixed Deposit Contract - Sterling

Interest is paid on maturity. The minimum balance requirement is £25,000.

Interest rates are effective from 01 February 2021

Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
£25,000 - £999,999 0.15% 0.15%
£1,000,000+ 0.20%* 0.20%*

Island 6 Month Fixed Deposit Contract - US dollar

Interest is paid on maturity. The minimum balance requirement is $25,000.

Interest rates are effective from 01 February 2021

Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
$25,000 - $74,999 0.15% 0.15%
$75,000 - $999,999 0.20% 0.20%
$1,000,000+ 0.20%* 0.20%*

Island 12 Month Fixed Deposit Contract - Sterling

Interest is paid on maturity. The minimum balance requirement is £25,000.

Interest rates are effective from 01 February 2021

Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
£25,000 - £999,999 0.20% 0.20%
£1,000,000 - £2,999,999 0.25%* 0.25%*
£3,000,000+ 0.30%* 0.30%*

Island 12 Month Fixed Deposit Contract - US dollar

Interest is paid on maturity. The minimum balance requirement is $25,000.

Interest rates are effective from 01 February 2021

Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
$25,000 - $74,999 0.15% 0.15%
$75,000 - $999,999 0.25% 0.25%
$1,000,000+ 0.25%* 0.25%*

Island 24 Month Fixed Deposit Contract - Sterling

Interest is paid annually or on maturity, annual interest cannot be added to the original amount deposited and must be paid into the associated Island Gold Account held with us. The minimum balance requirement is £25,000.

Interest rates are effective from 01 October 2020

Interest paid annually
Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
£25,000 - £999,999 0.35% 0.35%
£1,000,000+ 0.35%* 0.35%*
Interest paid on maturity
Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
£25,000 - £999,999 0.35% 0.35%
£1,000,000+ 0.35%* 0.35%*

Island 24 Month Fixed Deposit Contract - US Dollar

Interest is paid annually or on maturity, annual interest cannot be added to the original amount deposited and must be paid into the associated Island Gold Account held with us. The minimum balance requirement is $25,000.

Interest rates are effective from 01 February 2021

Interest paid annually
Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
$25,000 - $74,999 0.20% 0.20%
$75,000 - $999,999 0.25% 0.25%
$1,000,000+ 0.30%* 0.30%*
Interest paid on maturity
Minimum balance to earn interest rate Gross rate Annual Equivalent Rate (AER)
$25,000 - $74,999 0.20% 0.20%
$75,000 - $999,999 0.25% 0.25%
$1,000,000+ 0.30%* 0.30%*

Interest rates

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the rate payable where interest is paid without the deduction of tax. If a negative interest rate applies to your account, this will be calculated on the same basis as credit interest.

*If you have a balance in excess of £1 million (or currency equivalent) with us we offer a personalised service – please contact us so we can understand your banking needs

Ways to apply

BAN005 Enquire Online (1)

Online

Complete our short online enquiry form

BAN036 Mobile

Phone

Call us on 08000 84 28 88
, if calling from a UK landline or mobile, or +44 (0) 1534 885 000
, if calling from overseas

Lines are open 9am – 5pm UK time, Monday  to Friday (except Wednesday when we open at 9.30am)

BAN005 Post (1)

Post

Download and print our PDF application form and return to us

Download an application form

BAN078 Personal Manager

In branch

Visit us at:

Isle of Man
19-21 Prospect Hill
Douglas, Isle of Man, IM1 1ET