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How It Works

Here is some further background to the product. If you’re looking for more details on the product including how the account opening process works, please click here, and you’ll be taken to the Izola Saver website Start Saving page.

Totally safe

Your money can only ever be transferred to and from your unique principal bank account, not from any other account (even another one of your own) so it’s a direct safe link between the two.

A little more every day

Your interest is earned based on the daily balance in your Saver account. It’s paid into your account annually on 31st December.

Rates can vary

Sometimes we might need to change the interest rate depending on changes in market rates. Nevertheless you’re always going to be advised of any change in rate via email, so you’ll be well informed.

It’s free!

No fees are charged to maintain the account and all transfers out of the account are free of charge. Need we say more?

18 +

If you’re 17 and reading this, then you’re on the right track to start saving for a great future! However you do need to be 18 years and over to open an Izola Saver account. You need to be 18 year-old or over and already have an account opened with a bank located in Malta, Belgium or France, depending on where you are resident. You are wise indeed if you are in your teens or early 20s and already thinking about saving money for your future.

Principal Bank Account

You will need to have an existing primary bank account open in Malta, Belgium or France, depending on where you are resident, in order to open an Izola Saver Account. We refer to your existing bank account as your ‘principal bank account’.

A joint Izola Saver account

A joint account is a great idea. It reinforces your mutual decision to save for the future. The Izola Saver savings account is available as a sole or joint account for physical persons but not legal entities such as companies.

Leaving a little in there

You must maintain a minimum balance of €25 on your Izola Saver account.

No cheques or cash please

Do remember, we are an internet bank so we do not accept cheques or cash deposits, nor do we issue cheques or pay cash.

Tax on interest withheld

On your Account Opening form, you can elect to have tax on interest withheld by Izola Bank. For tax purposes, this only applies if you are resident in Malta.

An annual statement

An annual paper statement will be mailed to the address that you indicate on the Account Opening Form. You can view your current balance online at any time or via the Izola Saver app which launched in June 2015 for Android and iOS.

As many as you like

You can open as many Izola Saver savings accounts and Izola Saver+ term deposit accounts as you like. However each Izola Saver savings account opened must be linked to a unique principal bank account number.