Switching to us
It's easy to switch to Isle of Man Bank
If you're looking for straightforward free everyday banking, an account that offers you more, your first current account or a student account, we'll take the hassle out of switching for you.
When you switch to us we'll
- Set up your standing orders and Direct Debits
- Tell your existing bank to cancel all payments
- Give you letters, so your employer can credit your salary to your new account
- tell your old bank to close your account and transfer the balance to us
Don't worry about bank charges
We'll do everything we can to make the process go smoothly. In the unlikely event that you incur any bank charges as a result of an error or unnecessary delay on our part, we'll refund these charges in full.
Let us match your deal
We'll try our best to match the type of card and overdraft you have with your old bank. Just pay your main source of income into your new account with us.
Your welcome to Isle of Man Bank
Once we've opened your account, we'll send you a Welcome Pack, with details of the features and benefits of your new account.
We'll also send you the following (separately) within 10 days:
- your debit card
- your Personal Identification Number (PIN)
- Cheque book and / or paying-in book (if you've asked for them)
Which kind of current account are you looking for?
Regular accounts
Free everyday banking, online and telephone banking and an overdraft if you need it.
Account with extras
Everything you would expect from a current account with a host of extra benefits including free insurance and car breakdown cover.
Switching your current account to Isle of Man Bank is easy - and we do most of the work for you. Here's what to expect.
At the start...
Direct Debits and standing orders
Money that's paid into your account
Closing your existing account and transferring the balance
Savings accounts
When the switch is complete
No Direct Debits or standing orders? Switching is even easier
At the start...
| What we'll do | What we ask you to do |
|---|---|
| We'll send you a letter confirming that we've received your request, what to expect next and who to contact with any questions. | We need your permission to contact your existing bank so we'll ask you to complete and sign a short authorisation form. If you open your new account at a branch, we'll complete the form for you. If you apply for your account over the phone or online, an authorisation form will be sent out to you if you indicate 'yes' to the question 'Are you transferring an existing account from another financial institution?'. |
| What we'll do | What we ask you to do |
|---|---|
| We'll ask your existing bank or building society to send us details of your standing orders and Direct Debits, then set them up exactly as they are on your old account. We'll then tell your existing bank to cancel all these payments. You can choose to review your Direct Debits and standing orders before we set them up though this can lengthen the process by up to three weeks. If you choose this option, we'll send you a list of the payments being made by your existing bank and ask you to confirm which payments you wish us to make, and from what date. | We rely on your existing bank and the Direct Debit originators to comply with our instructions regarding where to take your payments from. We recommend that you make sure your old account has been closed and check your statements carefully to make sure everything is proceeding as planned. |
| What we'll do | What we ask you to do |
|---|---|
| We'll give you letters with your new account details, so you can tell your employer, pension or other payment providers to send any regular credits to your Isle of Man Bank account. | We need you to pass the letters we give you with your new account details to your employer, pension or other payment providers, so they know to send regular credits to your Isle of Man Bank account. If you receive dividend payments on shares, let us know so we can advise the registrars of your new account details. |
| What we'll do | What we ask you to do |
|---|---|
| We'll ask your existing bank to close your account and transfer the balance to your Isle of Man Bank account. We'll give them five working days' notice to do this. We can even transfer overdrawn balances, as long as you have sufficient funds or an agreed overdraft on your new account. If you need to arrange an overdraft, speak to your branch, or use our telephone or internet banking services. | If you ask us to close your existing account, you'll need to return any cheque books or cards to your old bank, or confirm to them that they've been destroyed. We'll give you a letter to use to do this. Your old bank may not comply with our instructions unless you do so. If you don't ask us to close your existing account, you'll need to make your own arrangements. |
| What we'll do | What we ask you to do |
|---|---|
| We can transfer the balance on any savings accounts you hold elsewhere to an Isle of Man Bank savings account of your choice. Please ask your branch about our simple ISA transfer service. We're unable to transfer Fixed Rate Bonds. | We do everything for you. |
| What we'll do | What we ask you to do |
|---|---|
| We'll send you a letter to tell you when we have completed all our actions. | Nothing - just start using your new Isle of Man Bank current account. |
Switching is even easier if you have no Direct Debits or standing orders
If you only want to redirect payments into your account, then there's no need to complete an Account Switching Authorisation Form.
Instead, just use the template letter we give you to write to your employer, pension or other credit providers with your new Isle of Man Bank account details.
To open a new current account, we'll need to see proof of your identity. We need this information to comply with money laundering regulations and to help stop criminals using financial products or services to move money around.
We can accept any one of the following documents which should have your signature and photograph.
Proof of your Identity:
- Gibraltar: A current signed Gibraltar Identity Card only.
- Guernsey: A current signed passport or Guernsey Driving Licence.
- Isle of Man: A current signed Isle of Man Driving Licence only.
- Jersey: A current signed passport or Jersey Driving Licence.
All documents must be the most recent that you have received and be originals - not photocopies. Please note that for persons resident in certain jurisdictions we may require additional information. Please ask a member of staff who can provide advice in this respect.
*Certified copies must be received form a suitable person e.g. A Director, Manager or Officer of a regulated Bank or Financial Institution. A Member of the Judiciary, Lawyer, Accountant, Notary Public, Actuary or Company Secretary who is a member of a recognised professional body. An Embassy Official, Senior Civil Servant or Servicing Police Officer. All documents must be certified as a true copy and any photographs should be certified as a true likeness. The certifier must sign and clearly print their name, date the certification and indicate their position or capacity on the copied document along with their contact details. We reserve the right to contact the countersigned or request additional documentary evidence from you.
** These items must not be more than 6 months old (12 months for tax bills) If you are unable to provide any of the documentation listed, other documentation is acceptable, please speak to a member of staff.
Come and talk to us
If you need any further help or advice, visit your nearest branch and we will be happy to answer any questions you may have.
Get in touch
Call us on
01624 637000
Lines are open: Mon to Fri 9.00am-5.00pm
(excluding public holidays).
Calls may be recorded