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Fund Transfers

How to transfer funds to your Izola Saver account


It is worth remembering that your principal bank account is the only means by which you can withdraw funds from, or place funds into, your Izola Saver account.

Once your new Izola Saver savings account is open, you can transfer funds to and from your Izola Saver as follows:
 

Transfer to your Izola Saver Account


  1. Go to the website of your principal bank and request a SEPA (Single Euro Payments Area) transfer from your bank account to your new Izola Saver account. To do this, you will need:
  • The IBAN (International Bank Account number) of your Izola Saver account (which we will provide you with when you submit your on-line Application Form).
  • You may also need (depending on your principal bank) the Izola Bank SWIFT BIC (Bank Identifier Code) which is: IZOLMTMT.
  • Remember! Your principal bank may charge you for this transfer, so do check out their tariffs to be sure.
  1. Alternatively, you can transfer the funds from your principal bank account to your Izola Saver account via direct debit using the Izola Saver website. This way, you only have to log on to one website – the Izola Saver website.
  2. In order for the bank to put this direct debit in place, we will require your authorisation on a specific Direct Debit Form. During your online application, we will ask you whether you would like to set up a SEPA direct debit mandate authorising 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. You can always set up this direct debit mandate later through the Saver website once you have opened your Izola Saver account.

 

Direct debit made easy


  1. If you opt to set up this SEPA direct debit, when you visit the Izola Saver website you simply go to ‘Transfer into Izola Saver Account’ under the ‘Transfer Money’ tab and enter the amount you wish to transfer from your principal bank account to your Izola Saver account and confirm the transaction.
  2. Izola Bank will then send a direct debit request to your principal bank to transfer the funds to your Izola Saver account. There is no charge for this transfer.
  3. As an Izola Saver client you also have access to the Izola Saver App available for mobiles and tablets on iOS and Android platforms. The SEPA direct debit becomes very useful because it allows you to transfer funds from your principal bank account to your Izola Saver account from your phone or tablet. Once you have logged in, you can click on ‘Transfer into Izola Saver Account’ enter the amount you wish to transfer to your Izola Saver account and confirm the transaction. Easy!

 

There’s a SEPA rule to remember


If you use this direct debit method to transfer an amount into your Izola Saver account, you must allow nine weeks before you can transfer the equivalent amount out of your Izola Saver account again for whatever reason. Essentially, the amount that is transferred by direct debit is blocked in your Izola Saver account for the 9 week period. This is due to SEPA direct debit terms and conditions. So do bear this in mind if you think you might need the funds at short notice.

 

Funds from your Saver account


  1. Simply go to ‘Transfer out of Izola Saver Account’ under the ‘Transfer Money’ tab on the website, enter the amount you wish to transfer to your principal bank account and confirm the transaction.
  2. You can also complete exactly the same procedure via our Izola Saver APP on your mobile or tablet. 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. Hey presto! Money transferred.