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How It Works

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.

Every day, a little more

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! You need to be 18 years 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 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

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.

An Annual statement

An annual paper statement will be mailed to the address that you indicate on the Account Opening Form. You can also view your Saver account statement via the online Izola Saver internet banking portal, or via our dedicated Izola Saver App available for Android and iOS on both mobile and tablet platforms.

As many as you like

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