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Business

Corporate Savings Accounts

Fixed rate fixed term and variable rate notice business savings accounts. Whatever your business saving needs, we offer sterling accounts designed with you in mind.

Fixed Rate: Fixed Term Deposit Account

Factsheet

Interest Rates Effective from 27th January 2023

Term
5 years
Annual Gross % p.a
4.25%
Monthly Gross % p.a
4.05%
Interest Payment Options
Annually and monthly
 
Minimum balance
£5,000
3 years 4.15% 3.95% Annually and monthly £5,000
2 years 4.15% 3.95% Annually and monthly £5,000
18 months 4.05% 3.85% On Maturity and monthly £5,000
15 months 4.05% 3.85% On Maturity and Monthly £5,000
1 year 3.95% 3.75% On Maturity and monthly £5,000
9 months 3.45% 3.25% On Maturity and Monthly £5,000
6 months 3.30% 3.10% On Maturity and monthly £5,000

Interest can be paid monthly, annually or on maturity.

Apply as a Company or PartnershipApply as a Trust or Charity

Fixed Term Deposit Account Calculator

I want to put £ aside for and I'd like my interest paid .

Your savings will be worth £5070.00

* These figures are indicative as we calculate interest on a daily basis therefore the date the account is setup would potentially impact the final figures eg working days etc.

Apply

Variable Rate: Notice Deposit Account

Factsheet

Interest Rates Effective from 9th November 2022

Term
180 Day
Annual Gross % p.a
3.60%
Annual AER % p.a
3.60%
 
Compounding Event
6 Monthly
 
Minimum balance
£10,000
120 Day 3.50% 3.50% 6 Monthly £10,000
95 Day 3.40% 3.40% 6 Monthly £10,000

Interest is compounded semi-annually on 30th June and 31st December to the Notice Deposit Account.

Variable Rate: Notice Deposit Account

Interest Rates Effective from 1st March 2023

Term
180 Day
Annual Gross % p.a
3.35%
Annual AER % p.a
3.35%
 
Compounding Event
6 Monthly
 
Minimum balance
£10,000
120 Day 3.25% 3.25% 6 Monthly £10,000
95 Day 3.15% 3.15% 6 Monthly £10,000
Apply as a Company or PartnershipApply as a Trust or Charity

Notice Deposit Account Calculator

I want to put £ aside in a day notice deposit account.

Your savings will be worth £10065.00

* These figures are indicative as we calculate interest on a daily basis therefore the date the account is setup would potentially impact the final figures eg working days etc.

Apply

Fixed and Variable Rate Business Savings Accounts to suit your business

We offer competitive rates

Our rates are reviewed on a monthly basis to ensure they remain at the most competitive level.

We are well established

Conister Bank has been providing savings products on Island since 1935.  We pride ourselves on being accessible to our clients and offering a first class personal service.

Savings Accounts to suit

We offer several saving options that suit your requirements including Fixed Deposit & Notice Deposit Accounts.

We are covered by the DCS

We are covered by the Isle of Man Depositors' Compensation Scheme (DCS).  Maximum cover is £20,000 per entity per covered bank.  Entities, include companies, trusts (including SIPPS), nominees, charities and partnerships.  Further information please see: DCS.

We offer bespoke savings products

For large deposits, in excess of £1m, we can design bespoke savings products based upon individual circumstances.

Questions about Corporate Savings Accounts?

Will I receive a certificate of interest?

A certificate of interest will be issued annually to Isle of Man residents only.

I have an existing Fixed Deposit Account. Can I break this deposit account without penalty and switch to a Notice Deposit Account without penalty?

No. The product specifications are different between the two products. If you want to switch to a Notice Deposit Account, you must wait until your Fixed Deposit Account matures.

Can I close my account early?

We do not permit early withdrawal on our savings accounts, however, under exceptional circumstances we may allow. Please see our Terms and Conditions for more information about our Savings products.

Will I receive an account statement?

Yes, you will receive an annual statement on the anniversary of your account opening date.

How is interest calculated?

Interest is calculated daily and paid annually or monthly.

How is interest paid?

You can decide to have your interest paid annually or monthly. Annual interest will be paid on the anniversary of the account opening and can be compounded or paid away to a nominated account. Monthly interest cannot be compounded and must be paid away to a nominated account.

Is the interest rate fixed on the Notice Deposit Accounts?

No. The interest rate on a Notice Deposit Account is variable. We may at any time vary the rate(s) on your Account without notice.

Where can I find what rate of interest being offered on all savings accounts?

The Conister Bank website www.conisterbank.co.im or by calling the office on 694694.

What information do I need to provide to apply for a savings account?

In order for us to meet our legal and regulatory responsibilities and internal policies, we will require you to complete an application form and supply identification to enable us to comply with Customer Due Diligence (CDD).

Will I be advised if the variable interest rate changes on my Notice Deposit Account?

The new rates will be updated on the Conister Bank website and we will communicate in writing to the first named account holder affected.

Can I submit my application form via email?

Yes complete, sign and scan your application to corporates@conisterbank.co.im

How do we transfer money into the Notice Deposit Account ?

Funds can be initially transferred into your new account by cheque or bank transfer.
Once your Notice Deposit Account is open you can only add a minimum of £10,000 additional deposits via Bank transfer.

Can we submit my application form via email?

Yes download, sign and scan your application to corporates@conisterbank.co.im

When is interest paid on the Notice Deposit Account?

Interest is accrued daily and is added to the Notice Deposit Account semi-annually on 30th June and 31st Dec. If either of these dates falls on a non-working day, interest will be added on the next working day.

Where can we find the Terms and Conditions?

Please see Terms and Conditions

What penalty will we incur if we withdraw funds immediately from the Notice account?

We do not permit early withdrawal on our savings accounts, however, under exceptional circumstances we may allow. A 4% fee on the amount withdrawn and an administration charge of £25 will be applied.

Can multiple notice request be given on the Notice Deposit Account?

No, only one notice request may be given at any time.

Can we add funds to the Notice Deposit Account?

Yes. The minimum additional deposit amount is £10,000 and can only be paid via Bank transfer.

How do we give notice on a Notice Deposit Account?

Written notice must be provided in line with the account mandate.

Can the account be closed early?

We do not permit early withdrawal on our savings accounts, however, under exceptional circumstances we may allow. Please see our Terms and Conditions for more information about our savings products.

How are we advised if the variable interest rate changes on the Notice Deposit Account?

The new rates will be updated on the Conister Bank website and we will communicate in writing.

How do we transfer money into the Fixed Deposit Account?

Funds can be transferred into the new account by cheque or bank transfer. You can attach a cheque when submitting the application form, however, if you prefer to pay by bank transfer, we will provide you with an account number once your account is set up.

What is the minimum and maximum for a Fixed Deposit Account?

The minimum balance is £5,000, maximum £500,000.

What is the minimum and maximum for a Notice Deposit Account?

The minimum balance is £10,000, maximum £500,000.

What happens to the Notice Deposit Account when the notice period is up?

Maturing funds will be sent to the nominated bank account.

Can we add funds to my Fixed Term Deposit Account?

No, our accounts are fixed terms which does not permit additional funds. If you wish to add an additional investment a new account can be opened, or, upon maturity the additional amount can be added when reinvesting.

Can we cancel notice on the Notice Deposit Accounts at any time?

If we have not acted upon your notice instruction, we may be able to comply with your request to cancel it.

Apply

  • Step 1

    Complete the Company/Partnership ,or Trust/Charity Deposit Application form, sign and send to us via email, post or visit our office in Victoria Street

  • Step 2

    Your application will be reviewed and after receiving all of the required Customer Due Diligence (CDD) your new account will be opened

  • Step 3

    Once your account is open funds can be transferred into your new account by cheque or bank transfer

Get help from our Corporate Savings Accounts team:

Get in touch

Need help with your business finance?

We’re here to help, whether you are new to Conister or a long-time customer, you’ll always be responded to by people who can answer all your queries.

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Does this sound like a view you like to have of your bank? If so, call us to see how we could assist you.

About Us

Conister Bank Limited is a wholly owned subsidiary of Manx Financial Group Plc, a publicly listed company on the London Stock Exchange Alternative Index Market (AIM).

Prospective depositors should satisfy themselves as to the financial standing of Conister Bank Limited and the Group based on publicly available information. The latest report and accounts are available from the links below.

Conister Bank Limited - Annual Report 2021

Manx Financial Group PLC - Annual Report 2021

Conister Bank Limited. Registered in the Isle of Man No. 000738C. Registered Office: Clarendon House, Victoria Street, Douglas, Isle of Man, IM1 2LN. Conister Bank Limited is licensed by the Isle of Man Financial Services Authority for its deposit taking activities and is authorised and regulated in the United Kingdom by the Financial Conduct Authority for its consumer credit activities and mortgage lending administration, firm registration number 619002. Conister Bank Limited is a wholly owned subsidiary of Manx Financial Group Plc, a publicly listed company on the London Stock Exchange Alternative Index Market (AIM). Prospective depositors should satisfy themselves as to the financial standing of Conister Bank Limited and the Group based on publicly available information. The latest report and accounts are available at https://www.conisterbank.co. im/savings/fixed-rate-savings/ . Terms and conditions apply. All deposits are subject to status. No early withdrawals permitted. AER stands for the Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded to the account once a year. Annual Gross rate is the same as the Contractual Rate. Fixed Rate Minimum balance per deposit is £5,000. Maximum balance per deposit is £1 million. Notice Account minimum balance per deposit is £10,000. Maximum balance per deposit is £500,000. Fixed Rate interest rates are fixed for the term indicated and are quoted gross % per annum.

Notice Deposit Account interest rates are variable. Details can be found in the Terms and Conditions on our website www.conisterbank.co.im. Deposits made with Conister Bank Limited are covered by the Isle of Man Depositors’ Compensation Scheme as set out in the Compensation of Depositors Regulations 2010.

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Where to find us

Come and talk to our team in branch at:
Conister Bank Limited, Clarendon House, Victoria Street, Douglas, Isle of Man, IM1 2LN

We are open Mon to Thurs 9am - 5:30pm, Fri 9am - 5pm

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