Island
Products
Savings
Island Regular Savings Tracker Account

Features & benefits

Variable rate regular savings Sterling account

Save a minimum of £25, up to a maximum of £500, per month for 12 months

Fund the account with a standing order from an Island Gold Account

Interest will be calculated daily and paid at the end of the term, at a rate of Bank of England Base Rate plus 1.00%

At the end of the 12 months we’ll transfer your balance into your Island Gold Account

Withdrawals are allowed as long as you maintain the minimum account balance of £1

Features & benefits

Variable rate regular savings Sterling account

Save a minimum of £25, up to a maximum of £500, per month for 12 months

Fund the account with a standing order from an Island Gold Account

Interest will be calculated daily and paid at the end of the term, at a rate of Bank of England Base Rate plus 1.00%

At the end of the 12 months we’ll transfer your balance into your Island Gold Account

Withdrawals are allowed as long as you maintain the minimum account balance of £1

Key information

You will need to open an Island Gold Account and set up a standing order into the Island Regular Savings Tracker Account
A minimum of £25 and a maximum of £500 can be paid into the Island Regular Savings Tracker Account each month for a period of 12 months
At the end of the 12 months your capital and interest will be paid into your Island Gold Account
Cheque books or debit cards are not available
Standing orders or Direct Debits are not permitted
Please refer to the Island Regular Savings Tracker Account Key Facts Document

Interest rates

Island Regular Savings Tracker Account

Effective 15 September 2023

The interest rate is a variable interest rate which tracks the Bank of England Base Rate. The interest rate will update the next working day after a change to Base Rate.

Tracking Rate	Current interest rate (Gross/AER)
1.00% above Bank of England Base Rate	6.25%

If you save £250 per month for the whole 12 months, you will get back the original amount you put in plus £101.97 in interest, assuming there was no change to the current interest rate during the 12 months and no withdrawals are made. This illustration is only an example and does not take into account your individual circumstances.

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.

Ways to apply

Online

Complete our short online enquiry form

Phone

Call us on 08000 84 28 88, if calling from a UK landline or mobile, or +44 (0) 1624 641 888, if calling from overseas

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