Switch your business account to Isle of Man Bank

Yes, you can use the service to switch accounts from and to any of the participating banks and building societies.

No, we can’t switch savings accounts or ISAs.

Yes, as long as both parties agree to the switch and you are switching to another joint account. It is not possible to use the service to switch a joint account to a sole account.

If you use the Current Account Switch Service to switch, your old bank will close your old account. This ensures that any payments made to your old account are automatically redirected to your new account.

If you would like to keep your old account open then you are free to do so, but you won’t be able to use the Current Account Switch Service to do this, and you will not be covered by the Guarantee. Speak to your bank and they can help explain your options.​

All incoming and outgoing payments will be automatically redirected to your new account. Each time a payment is redirected, an automatic message is sent back to the originator advising them of your new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed. If you do not want your new details to be given to someone who sends a one-off payment, contact your new bank.

You will be able to access the funds in your old account up to an until your switch date, when they will be transferred to your new account.

The Current Account Switch Service is backed by the Current Account Switch Guarantee. This guarantees that any charges or interest incurred on your old or new account, as a result of a failure in the switching process will be refunded when you bring this to your new bank or building society’s attention.

Simply switching from one bank to another using the Current Account Switch Service will not affect your credit rating. 

However, when you open a new bank account, your new provider may run a credit score check which could affect your credit rating. 

In the unlikely event that during the switch you encounter any problems with payments (such as a standing order), your new bank or building society will correct them and ensure your credit rating is not affected.​​​

You can cancel your switch up to 7 working days before your switch date. If you do want to cancel, speak to your new bank, who can guide you through this process.