Island Incentive Saver Account.

Boost your savings with an account that rewards you for being savvy – and allows you instant access should you need it.

  • £50,000 minimum deposit
  • Earn up to 2.42% AER*(variable) when minimum balance is maintained and no withdrawals are made
  • Available in Sterling
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Features & benefits

Saving is more rewarding with a higher rate of interest that applies when you don’t make a withdrawal. So with our Incentive Saver Account you get instant access to your funds when you need them and a better return on your money when you don’t.

Features and benefits:

  • Minimum deposit £50,000 Maximum deposit £5 million.
  • Available in Sterling.
  • Interest is paid monthly into your Incentive Saver account.
  • Interest rate is variable.
  • Instant access to your savings.
  • Tiered rates of interest so the fewer withdrawals you make, the more you’ll earn.

Eligibility

You must be a personal customer aged 18 years and over. You must be ordinarily resident in the Channel Islands or Isle of Man.

Current Interest Rates

Interest rates are correct as at 5 April 2011

You will earn 2.42%* AER/2.40% Gross**(variable) if:

  • You maintain a balance of £50,000 or more; and
  • You make no withdrawals during the year.

In any month you make one or more withdrawals a lower rate of 0.25% AER* / gross (variable) will apply for that month only.

Making a withdrawal will affect the overall annual equivalent rate (AER*) you earn over a year.

The table below shows how the annual equivalent rate would change based on making a different number of withdrawals.

Balance
Number of months in which a withdrawal is made. £50,000 and over. Under £50,000.
0 2.42% 0%
1 2.24% 0%
2 2.06% 0%
3 1.87% 0%
4 1.69% 0%
5 1.51% 0%
6 1.33% 0%
7 1.15% 0%
8 0.97% 0%
9 0.79% 0%
10 0.61% 0%
11 0.43% 0%
12 0.25% 0%

* AER RATE – AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if it was paid and compounded once each year. As every advertisement for a savings product will contain an AER you can compare more easily what return you can expect from your savings over time.

** GROSS RATE – The contractual rate of interest payable before deduction of income tax at the rate specified by law.

Charges & fees

International moneymover service Through Currency Internet Banking £15
Through Offshore PhoneBank, in branch, or in writing £25
Through Standing Order £15
To your other accounts held with Lloyds Banking Group Free
International drafts. £15 (plus registration fee if posted).
Electronic Funds Transfer (CHAPS payments within the British Isles). £20 + £5 for confirmation to recipient Minimum payment £1,000.
Cash withdrawals and deposits into the US Dollar Account and/or Euro Account. 2% on the Sterling equivalent of each currency, minimum £3 per currency and £10 administration fee.

These accounts are not designed to be used for receipt of notes or coins. If you need this service, please contact your International Banking Team.
Recalling a payment. £20 per payment.
We cannot guarantee the cancellation as funds may already have been paid to the beneficiary. You could receive less than the original amount of the payment, due to adverse exchange rate movements.

* Plus charges levied by the correspondent bank abroad.

Receiving funds.

Cheque Collections. Cheques up to £100. £5.
Cheques of £100 and above. 25p per £100 (min £15, max £80 per cheque).
Cheque negotiation to Sterling account*. Cheques up to £100. £5.
Cheques of £100 and above. 25p per £100 (min £8, max £80 per cheque).
Cheques in a foreign currency drawn in a different country (not UK)
e.g. US Dollars drawn in France.		 As above, but minimum £10 per cheque.
Cheque negotiation to currency account*. Cheques in the same currency as the account. £2 per cheque.
Cheques requiring currency conversion. £4 per cheque.
Electronic bank transfer from another financial institution. Up to £100. £2.
£100 and above. £7, or £10 for telephone advice.

* The correspondent bank may also levy a charge based on the value of the cheque.

Other standard services.

Supplying copies of previous bank statements. £5 per request.
An administration charge may be made for excessive requests.

FAQ

What is the minimum opening balance?

The minimum opening balance for an Island Incentive Saver Account is £50,000.

How much can I deposit in an Island Incentive Saver?

The maximum balance you can deposit into the Island Incentive Saver Account is £5,000,000.

What currency can I open an Island Incentive Saver in?

The Island Incentive Saver is available in Sterling only

How much access do I have to my money?

The Island Incentive Saver rewards customers with a higher rate of interest if they do not make withdrawals. If you do need access to your funds at any point then that’s not a problem and you can do this by using our internet banking or phonebank service. If you click on the interest rate tab located on this page you will see what affect withdrawals have on the interest rate you’ll receive.

When is interest paid on the Island Incentive Saver?

Interest is paid monthly on the 1st working day of each month directly into your Incentive Saver Account. The interest rate is variable.

Who can I speak to if I need extra information?

For Jersey residents please call 01534 845155, Isle of Man residents 01624 638279, Guernsey residents 01481 706347 or Alderney residents 01481 822340.

How to apply:

Visit us in branch

Find out more

You can speed things up by downloading and completing our application form

  • Complete the form (optional, 10 minutes)
  • Bring it to a branch
  • Make sure you bring ID (driving licence, passport)

Call us

  • 01534 845 155 Jersey
  • 01481 706 347 Guernsey
  • 01624 638 279 Isle of Man
  • 01481 822 340 Alderney

CONTACT US.

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