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FAQs

How do I open an Izola Saver account?

Your new Izola Saver account can only be opened on-line. To earn higher rates of interest with Izola Saver+ fixed term deposit accounts you need to have opened an Izola Saver account first.

Fill in the application form, print out the copy for the bank, sign and send it to Izola Bank together with a copy of both sides of your identity card and a recent proof of address which was issued within the last six months. This can be a utility bill such as a water & electricity /or gas bill or perhaps a bank statement which clearly indicates your permanent residential address and is in your name. The proof of address may be submitted to Izola Bank by e-mail as long as it is clearly legible. You will also need to transfer a minimum of €25 to your new account as an initial deposit (no cash or cheques will be accepted). Your new Izola Saver account number will be provided to you during the online account opening process.

Once Izola Bank receives and accepts your application form and accompanying documents as well as your initial deposit, you will be informed by email that your account has been activated. You will then be guided through the next steps so that you can access your account and begin saving.

 

How long does it take to activate my Izola Saver account?

Your Izola Saver account will be activated as soon as we receive your documents, all account opening checks are completed by us and you transfer the initial deposit (minimum of €25) from your Principal Account.

 

What are my next steps in the account opening process?

You will receive an email from Izola that contains a clickable link to a first-time login screen. When you click on the emailed link an activation code is generated immediately and sent to you via SMS. The page that you land on asks for two inputs: one is the Customer ID number (this you already have - it was sent to you separately when you filled in and submitted the application form). The other input is the activation code which you will receive by SMS on your mobile phone.

You then input your Customer ID number and activation code. If these are correct, you are asked to provide a password of your choice and to confirm it. This password must be at least 6 characters in length and contain at least one uppercase letter, one lowercase letter, one number and one symbol. eg: Abc!23

You are then asked to provide a secret answer to a question that you select. The system displays a successful password creation message. You are then presented with the normal login page. On this page you will enter your Customer ID (sent separately with your account opening) and the password which you have just created. Now you are ready to save, save, save.

 

Am I allowed to open more than one Izola Saver account?

You can open as many as you like as long as the accounts are linked to different principal bank account numbers. You must maintain a minimum balance of €25 on your Izola Saver account. No fees are charged to maintain the account and all transfers out of the account are free of charge.

 

Can I open an Izola Saver account in any currency?

No, Izola Saver is a Euro (€) denominated currency account which should be linked to a Euro (€) denominated Principal Account.

 

What is my principal bank account?

We refer to an existing bank account in your name as your ‘principal bank account’. A deposit of funds into a new Izola Saver savings account can only be made through a bank account that you already hold in your name at an established bank in Malta, Belgium or France depending on your country of residency. You will be asked to enter the IBAN number of this bank account on your Izola Saver application form. 

Transfers into the Izola Saver must come from your principal bank account and all transfers out of the Izola Saver account must go to your principal bank account. 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.   

 

We have a joint bank account at our principal bank. Can we open a joint Izola Saver saving account?

Yes, of course. You will each have your own Customer ID to log on. When you log in, you'll be able to see your joint account details on the Saver site.

 

What is the interest rate on my Izola Saver account?

Check our Interest Rate table on the Izola Saver Benefits page.

 

What is my Customer ID number?

Your Customer ID number is an 8 digit number which is sent to you as soon as you have filled in and submitted the online Account Opening Form. This Customer ID number is unique to you and cannot be changed. You will need to use this number every time you wish to log on to the Izola Saver site or access the Izola Saver app. You must keep it safe and not let any other person use it. If you open a joint account, both parties are given their own Customer ID number.

 

How is my password sent to me?

You create your own password during the account opening process. This password must be at least 6 characters in length and contain at least one uppercase letter, one lowercase letter, one number and one symbol. eg: Abc!23
Please refer to the question and answer ‘What are my next steps in the account opening process?’

 

What happens if I forget my password?

If you have forgotten your password but you still remember your Customer ID number, just input your Customer ID number in the login area and click on Forgotten Password.
At this point an email will be sent to you containing a clickable link. When you click on this link an activation code is generated and sent to you via SMS. The page that you land on once you click the link will ask you for your Customer ID and the activation code received by SMS. Once these are input correctly you will be asked to enter a new password.
Once you have successfully created a new password you will receive an email confirming that your password has changed and asking you to contact Izola immediately if you did not initiate the change password request yourself.

 

What happens if I have forgotten my password and my Customer ID?

You should call the Izola Saver Helpdesk on Freephone 0800 97 802. Izola staff will ask you a few questions to verify your identity. If the answers are correct, Izola staff will provide you with your Customer ID number and instruct you to use the ‘Forgotten Password’ functionality described in the answer above.

 

When will the interest on my savings be paid into my account?

Interest is earned on the daily outstanding balance and is paid annually on 31 December. The interest rate offered on the Izola Saver account is a variable rate and may be changed at Izola Bank’s discretion. You will be advised by email of any change in interest rates.

 

Can I make a cash deposit?

No. Deposits in cash or cheques are not accepted, nor do we issue cheques or pay out cash.       

 

How do I transfer money into my new Izola Saver account?

Once your savings account is opened, you can transfer funds from your principal bank to your Izola Saver account.

Go to the internet banking site of the bank where you hold your principal account. There, you can initiate what is called a Single Euro Payments Area (SEPA) transfer. To do this, you will need: the IBAN (International Bank Account Number) of your Izola Saver account which we will provide you with and Izola Bank’s SWIFT BIC (Bank Identifier Code) which is IZOLMTMT. (Do consult the tariff of charges of your principal bank as you may be charged for this transfer.)

 

How long does it take to transfer funds into my Izola Saver account using the SEPA transfer?

Incoming funds will be credited to your Izola Saver account on the day of receipt. Funds received after 1400hrs CET will be credited to your account on the next business day. As a general guideline, funds transfers may take up to two business days to be credited to your account. We cannot guarantee the exact time taken as this depends on the day you effected the transfer (a business day or at the weekend) as well as the time of day (before or after your Principal bank’s daily cut-off time).

 

Can I setup a SEPA direct debit mandate?

Yes, you can setup a direct debit mandate and start using the Izola Saver website to transfer the funds you want to save from your principal bank account into your Saver account. This is convenient because the Izola Saver site is the only site you need to logon to. By signing a SEPA direct debit mandate, you will authorise Izola Bank to send a direct debit request to your principal bank to debit your account there and transfer funds to your Izola Saver account.

 

How does this work?

  • During the online application process (or even later once you have opened your Izola Saver account), sign a SEPA direct debit mandate authorising Izola Bank to send a direct debit request to your principal bank to debit your account and transfer funds to your Izola Saver account.
     
  • Once your SEPA direct debit mandate is set up for you, when you are on the Izola Saver website, you need only to enter the amount you wish to transfer from your principal bank account and confirm that transaction. Izola will send a direct debit request for you to your principal bank to transfer those funds to your Izola Saver account. It is as simple as that. There is no charge for this transfer. You can also initiate a transfer of funds from your principal account to your Izola Saver account from our Saver app.
     
  • If you use this method of transferring funds to your Izola Saver account, you must allow nine weeks to elapse before you can transfer these funds out of your Izola Saver account for whatever reason. This is due to SEPA (Single European Payment Area) direct debit terms and conditions.

 

How long does it take to transfer funds into my Izola Saver account using the SEPA Direct debit mandate?

Incoming funds will be credited to your Izola Saver account on the day of receipt. Funds received after 14:00 CET will be credited to your account on the next business day. As a general guideline, funds transfers using direct debit mandate may take up to three business days to be credited to your account. We cannot guarantee the exact time taken as this depends on the day you effected the transfer (a business day or at the weekend) as well as the time of day (before or after your Principal bank’s daily cut-off time).

 

How do I transfer money out of my new Izola Saver account?

Simply go to ‘Transfer out of Izola Saver’ under the ‘Transfer Money’ tab on the website, enter the amount you wish to transfer to your principal bank account and confirm the transaction.
You can also go through the same process on our Saver App. Once you have logged in you can click on ‘Transfer out of Izola Saver’, enter the amount you wish to transfer and confirm the transaction.

 

How long does it take to transfer funds out of my Izola Saver account?

You can make a withdrawal from your Izola Saver account only by transferring funds back to the Principal Account. Funds Transfer transactions performed before 1400hrs CET on a business day will be sent to your Principal bank on the same day. Funds Transfer transactions performed after 1400hrs CET on a business day will be sent to your Principal bank on the next business day. Funds Transfer transactions performed during the weekend will be processed in the morning of the next business day. As a general guideline, funds transfers may take up to two business days to be credited to your Principal Account.

 

How do the Izola Saver and Izola Saver+ accounts differ?

Izola Saver is a savings account whereas Izola Saver+ accounts are term deposit accounts.

 

How do I open a new online Izola Saver+?

Logon to the Izola Saver site and click on the tab ‘Create Term Deposit’ to open the page ‘Create Term Deposit Account’. Enter the amount of your deposit, select the duration of the term deposit (1/2/3/4/5/7/10 years), select (if applicable) when you to want to receive your interest (quarterly, half yearly or annually) and agree to the Izola Saver Terms and Conditions. You’ll need a minimum deposit of €500 to open a term deposit.

Once opened, you cannot shorten or lengthen the defined time period of that term deposit in any way. So once you confirm the opening of the deposit, the interest rate on your term deposit is fixed for the term of that deposit. On the maturity date of your term deposit, the principal amount and interest will be returned to your Izola Saver account. There are no charges levied by Izola Bank for term deposits. Tax, however, will be withheld on interest earned on term deposits, depending on whether you elected to have tax on interest withheld when you opened your Izola Saver account. This option is only available for Malta residents.
 
The interest rates offered on term deposit accounts may be changed at Izola Bank’s discretion.

 

Can I break my Izola Saver+ term deposit if I need the money?

It is not possible to break an Izola Saver+ term deposit once it is opened.

 

Will I receive a bank statement at some time?

Yes, an annual statement will be mailed to the address you have indicated on your Account Opening Form.

 

Can I opt to have the 15% final withholding tax deduction at source?

You can do this only if you are resident in Malta. You can select this option while filling in your application form.

 

What is the difference between regulated and non-regulated Savings Account?

Regulated savings accounts are exempt from Withholding Tax on the first EUR 1,880 of interest. This requires the account to comply with certain rules, such as offering a loyalty bonus. Non-regulated Savings accounts that do not meet these requirements (such as fixed term deposits and other savings accounts with one clear interest rate) do not fall under the category of regulated savings accounts and are therefore not subject to tax. Any interest earned on the account is to be declared on the personal income tax return.

 

Is my Izola Saver Regulated or Non-Regulated?

Your Izola Saver account is classified in Belgium as a non-regulated Savings Account.

 

How shall I deal with Taxation and Declarations?

The interest income received on your Saver account is not subject to Belgian withholding tax. It is however subject to income tax at a rate of 30%. Individual taxpayers therefore have to declare the said income in their personal income tax return in Box VII ("Income from capital and movable goods") as "other income not subject to withholding tax that is taxable at 30%" under code 1444-11 / 2444-78.

We will provide you with an annual paper statement of your Saver account which will be sent immediately after the end of each year. You can also check the total interest earned on your Saver and Saver+ account(s) from the “Annual Interest Statement” tab on our internet banking site.

As a Belgian individual taxpayer you also have to declare in Box XIV of your personal income tax return that you hold the account and that you have notified the existence of this account to the Central Point of Contact at the National Bank of Belgium. You should also notify if such account is held by:

  • Your spouse or legal partner with whom you are filling a joint income tax return;
  • Your child whose income is added to your own taxable income.

This notification only has to be performed once and is valid for any subsequent tax year. It can be made electronically via the Central Point’s website. Or by downloading the form via the Central Point’s website.

The notification must be made at the latest on the day of filing of the tax return related to the financial year during which the account was opened.

 

Is my capital guaranteed?

Izola Bank is a participant in the Depositor Compensation Scheme. Customer deposits are guaranteed by the Scheme up to a maximum of €100,000 per person.

 

Which web browser works best for Izola Saver?

Izola Saver supports all major web browsers such as Internet Explorer, Google Chrome, Mozilla Firefox and Safari. To make sure you have the best experience possible, we recommend using the most up-to-date version of one of these browsers. You should be aware that certain functionality, during the account application process or when accessing the Internet Banking pages, may be impaired if you are running a very old version of the above mentioned browsers.

 

Tell me more about the Izola Saver app

With the Izola Saver Mobile app you can manage your Saver account(s) on the go. Our app is user-friendly, fast and safe and provides you with the following functions:

  • A secure and simple logon process;
  • An account overview screen to check your Izola Saver account balances;
  • A mini statement page that provides you with the 50 most recent transactions on your Izola Saver account(s);
  • The ability to transfer funds out of your Izola Saver account(s) to your linked principal bank account;
  • The ability to transfer funds into your Izola Saver account(s) from your linked principal bank via SEPA direct debit.

The Izola Saver mobile app does not allow you to open Saver+ accounts; however these can be easily opened directly from our website.

 

For any other questions you may have, contact our Izola Saver Helpdesk.

You can contact our helpdesk via email on [email protected] or by Freephone 0800 97 802. Our Helpdesk is open Monday to Friday between 08:00 and 17:00 CET excluding public and bank holidays in Malta.