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Changes to our account opening process

Business accounts for new customers or a business entity that doesn't already bank with us will be offered by NatWest International. 

Access your funds anytime and earn interest when you save

Business Reserve

Instant access to your business savings

Whether you're saving for bills, equipment or to expand your business, our Business Reserve savings account lets you earn interest and have instant access to your funds.

  • Access to your business savings instantly 
  • No penalties for withdrawal
  • Save between £1 and £2,000,000
  • Interest calculated daily and applied monthly

Interest rates

Rate effective from 29th May 2025

Definitions

Here's what some of the words we use mean.

Annual Equivalent rate (AER) shows you what the rate would be if the interest was paid and compounded each year.

Gross Rate means the interest rate you are paid without deduction of income tax.

p.a. means Per annum (per year).

How to apply

Before you apply for a Business Reserve account, please review the recent changes to our account opening process and eligibility criteria.

Changes to our account opening process

From 11 December 2023, Isle of Man Bank business accounts are only available to existing business customers opening an additional account for a business entity that already banks with us.

Business accounts for a new customer or a business entity that doesn't already bank with us will be offered by NatWest International.

Eligibility criteria

To apply for a Business Reserve current account with Isle of Man Bank you must be:

  • an existing Isle of Man Bank business customer.
  • opening an additional account for a business entity that already banks with us.

and the business:

  • registered address must be in the Isle of Man and/or be registered for tax purposes in this jurisdiction.
  • must have a single layer of ownership with no nominee shareholding structures with all owners, directors or shareholders resident in the Channel Islands, Isle of Man or Gibraltar.
  • cash takings must not exceed 20% of the annual turnover.

Depositor Compensation Schemes

Isle of Man Bank is a member of the Isle of Man Depositors’ Compensation Scheme (DCS) as set out in the Depositors’ Compensation Scheme Regulations 2010. To understand your eligibility under the scheme you may wish to visit the Isle of Man Financial Services Authority website.

Please review our important information

Please take some time to review the following documents as we will ask you to confirm you’ve read these as part of the application form. These documents can be downloaded and saved to your computer for future reference.

How your information might be used

It's important for you to understand how we use and share your information. Please read our privacy notice for details on how we use your information and your rights.

Let's get started

To help you apply for a business reserve account, we'll need to ask a few questions.

Before you continue...

We can open a business reserve account for the following types of business:

  • Sole trader
  • Partnership
  • Limited Company
  • Limited Liability Partnership
  • Not for Profit Company

If your business type is not listed, please call your local Business Banking support team to discuss your requirements.

Are you an existing or new business customer with us?

You can complete your application online

This is the fastest way to complete your application.

Once we receive all your information, we'll review the application and will be in touch.

We may use Mitek, our online identification and security partner, to check your identity. To see which documents are accepted for proof of identity and address you can visit our Mitek page.

By starting your application, you consent to the following:

  • Identity verification using our security partner Mitek.

If you'd like to apply over the phone instead, please call:

Isle of Man: 01624 697741 (Relay UK: 18001 01624 697741)

Lines are open ‍Monday ‍to ‍Friday, ‍9am-5pm. Calls from Gibraltar are chargeable at UK calling rate. Calls may be recorded.

You can only apply if you are an existing business banking customer

Isle of Man Bank business accounts are only available to existing business customers opening an additional account for a business entity that already banks with us.

Business accounts for a new customer or a business entity that doesn't already bank with us will be offered by NatWest International.