You know your return from the very beginning: the interest rate is set in advance and does not vary. If the market interest rates increase or decrease you will still receive interest payments according to the interest rate defined when you opened your Izola Saver+ account.

The below interest rates are applicable to retail customers who are natural persons and Belgian residents.

Izola Saver+ is a term deposit account whereby your funds are locked up for a set period of time. No deposits or withdrawals are allowed from the account for the duration of the term.

A non-regulated savings account is a savings account that does not fall under the regulations of a regulated savings account. It means that there is no obligation to split the interest rate in a base rate and a fidelity premium and the currency does not have to be necessarily in Euro. Interest is paid annually or at the account's maturity if the duration is less than 1 year.

However, this means that the account is not exempt from withholding tax on the first tranche of €1020 in interest for individuals, €2040 for married couples or cohabitants. (Please note that these are the amounts for 2024, which are subject to change each year), nor from the reduced withholding tax rate of 15% on non-exempt amounts. In fact, the interest on unregulated savings accounts is subject to a withholding tax of 30% on the total interest earned.

Although these accounts are not regulated, they are still eligible under the Maltese Depositor Compensation Scheme up to a maximum of €100.000 per person.

Choose how much you want to set aside to place in your Izola Saver+ term deposit account. Just ensure you won’t need access to these funds for the duration of the term. You can open Izola saver+ term deposit accounts for periods ranging from 3 to 9 months and 1 year up to 10 years.

You can open an Izola Saver+ account with just €500.

To open an Izola Saver+ account you first need to open an Izola Saver account.

You can manage your account by using the Izola Saver Mobile App or the online banking platform. You can open more than one Izola Saver+ account. 

Izola Saver+ accounts are not available for corporate entities.

There are no fees or charges for opening or maintaining an Izola Saver+ account. However, we will charge early payment fees, should you wish to close your Izola Saver+ account before the end of the term. Please view our Terms and Conditions to find out more about this.

It is possible to renew your Izola Saver+ term deposit upon maturity. We will advise you the month prior to the maturity that your term deposit will be closing soon. The renewal is not automatic.

Interest from term deposit accounts 1 year and above in duration is paid directly to your Izola Saver online savings account quarterly, half yearly or annually.  You can select when you want to receive your payments during the application process. Interest for term deposits which are 3, 6 or 9 months in duration will be paid directly to your Izola Saver online savings account at the end of the agreed term.

Interest is calculated on a 360-day basis on the balance of your term deposit account and credited to your Izola Saver online savings account depending on the interest payment frequency defined when you completed the account opening form.

As Izola Saver (online savings account) and Izola Saver+ (term deposit accounts) are non-regulated, interest is paid to you as gross (without tax being deducted). Please note that interests earned from non-regulated savings accounts are subject to a 30% tax rate (withholding tax). It's important for customers to report these accounts in their personal income tax returns and seek counsel from their accountant or tax advisor for professional guidance.

You can view your Izola Saver+ accounts from the “Account Overview” screen through the online banking platform.

You can manage your account by using the Izola Saver Mobile App or the online banking platform.

You The Izola Saver Mobile App gives you the flexibility of managing your savings on the move. You can view account balances, transfer funds into and out of your Principal Bank Account and you can open as many Izola Saver+ term deposit accounts as you like.

You can only open an Izola Saver+ account by transferring money from your main Izola Saver account.

Liquidity risk:

Izola Bank plc is a Bank licensed in Malta. Your savings and/or term accounts are protected up to €100.000 euros per saver by Malta Depositor Compensation Scheme. Savings exceeding €100,000 are not protected and are therefore exposed to risk in the event of a bankruptcy. Such amounts exceeding €100.000 euros may be lost in whole or in part or converted into shares (bail-in) as decided by the regulator.

Inflation risk:

Due to the continuous increase in prices, your saved money may lose its purchasing power over time if inflation rates are in excess of the net interest rate earned. This risk is a general macroeconomic risk and not particularly associated with Izola Bank plc.

Izola Bank is based in Malta and is licensed by the Malta Financial Services Authority (MFSA) to carry out the business of banking in terms of the Banking Act, 1994 (Chapter 371, Laws of Malta).

The Malta Financial Services Authority (MFSA) is the single regulator for financial services activities in Malta. It regulates and supervises credit and financial institutions, investment, trust and insurance business and also houses the country's Companies Registry.

Izola Bank is participant in the Depositor Compensation Scheme in Malta. The Scheme offers protection of up to €100.000 as per provisions under Subsidiary Legislation 371.09, 44. Any funds in excess of €100.000 are not covered by the Depositor Compensation Scheme. In the event of bankruptcy, you run the risk of losing any deposits you have over €100.000.

All Izola Bank's and your rights and obligations shall be subject to Maltese law. The Courts of Malta shall have exclusive jurisdiction over all claims or disputes arising in the event of litigation.

In order to open an Izola Saver+ account, you must first open an Izola Saver account with us.

If you're already an Izola Saver client, simply login to the online banking platform or your Izola Saver Mobile App. 

Complaints may be sent to by regular post or by email via our Help Centre. We will try and resolve your complaint as soon as possible and we shall employ our best efforts to provide a reply to all complaints within a maximum period of two working days.

Postal Address:
4 Castille Place,
Valletta VLT1062
Malta

In the event you are not satisfied with our reply you may refer the matter to the Arbiter for Financial Services by writing to:

Office of the Arbiter for Financial Services,
First Floor, St Calcedonius Square,
Floriana, FRN5130,
Malta

Or by visiting the  Arbiter for Financial Services website.

Please test download our guide for full information on Izola Saver and Izola Saver+ before opening your account. This includes product information, the account terms and conditions and also information on the Depositor Compensation Scheme.