Current Account Switch Guarantee

Switch your business account to Isle of Man Bank

To apply for an Isle of Man Bank business current account you are required to be 18 years or over and be the owner or director of the business you’re applying on behalf of. Your registered business address must also be in the Isle of Man or you should be registered for tax purposes in the Isle of Man.

What is switching?

The Current Account Switch Service makes switching current accounts from one UK, Channel Islands and Isle of Man bank or building society to another simple and stress-free.

The service is available to small businesses, charities and trusts and allows you to choose a switch date that suits you.

Guide to the switch service

The Switch Service provides all of the following benefits:

  • All your payments (in and out) will be moved to your new account.
  • Any remaining credit balance in your old account will be transferred to your new account and your old account will automatically close.
  • If any payments are made accidentally to your old account after your switch date, they’ll be automatically redirected or forwarded to your new account indefinitely.
  • The switch process will be managed entirely by your new bank or building society and will be backed by the Current Account Switch Guarantee.

What happens during the switch process?

  • Complete a Current Account Agreement Form so your new bank can set up your switch.
  • Complete a Current Account Closure Instruction Form to authorise closure of your old account.
  • Agree a switch date that is at least 7 working days after your new account has been set up.
  • Relax as your new bank manages the switch (you will be contacted if there are any payments that cannot be transferred).
  • Continue to use your old account until your switch date.

Common questions about switching your current account