Business Reserve
To apply, you must have a business current account or Business Cash Management account with us. Business Reserve accounts are available to eligible customers aged 18 or over who are resident in the Isle of Man. Minimum deposit £1.
Instant access to your business savings
Whether you're saving for bills, new equipment or to expand your business, Business Reserve helps you earn interest. You can withdraw funds whenever you need it with no notice or penalties.
- Instant access whenever you need it
- No maximum balance
- No withdrawal penalties
- Interest calculated daily and paid monthly
Please read the Summary Box below which gives you key information.
Summary Box
Account name: Business Reserve Account
What is the interest rate?
Can Isle of Man Bank change the interest rate?
Yes, the rate is variable. We can change rates for any of the reasons set out in the Non-Personal Terms, such as responding to a change in the Bank of England’s base rate.
- If rates are going down, we’ll give you at least 14 days’ notice.
- If rates are going up, we’ll tell you before the change or at the earliest opportunity afterwards.
For more details, please read section 10.3 of the Non-Personal Terms.
What would the estimated balance be after 12 months based on a range of deposits?
How do I open and manage my account?
To apply for this account
- Our business savings accounts are only available to existing Isle of Man Bank customers who want to open an extra account for a business that already banks with us.
- To open a Business Reserve account, you must have a business current account or Business Cash Management account with us.
- Business Reserve accounts are available to eligible customers aged 18 or over who are resident in the Isle of Man.
Opening your account
- The minimum deposit is £1.
- If you’re an existing business customer with a Relationship Manager, please speak to them to discuss your requirements.
- If you’re a new customer, or your business doesn’t already bank with us, call our local Business Support Team to discuss.
Managing your account
- There is no maximum balance limit.
- You can manage your account using our online banking platforms, in branch or by telephone.
Can I withdraw money?
Yes, Business Reserve is an instant access account so you can withdraw your money at any time without giving notice.
Additional information
Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.
Gross means the interest rate you are paid on your savings with no compounding.
p.a. stands for 'per annum' (per year).
How to apply
Before you apply for a Business Reserve account, please review our eligibility, important information and details on how we use your information so you're sure it's the right account for you.
Who is eligible to apply?
Our business savings accounts are only available to existing Isle of Man Bank customers who want to open an extra account for a business that already banks with us.
If you’re a new customer, or your business doesn’t already bank with us, business accounts will be offered by NatWest International.
You can apply for an Isle of Man Bank Business Reserve account if you’re:
- opening an additional account for a business entity that already banks with us
- the owner or director of the business you’re applying on behalf of
and your business has:
- a registered address and/or is registered for tax purposes in the Isle of Man
- 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 that don’t exceed 20% of your annual turnover
Important information
To open a Business Reserve account, you'll need to have a business current account or Business Cash Management account with us.
Please review our important information
If you continue to apply, you’re confirming that you’ve been provided with and have acknowledged our important documents.
How your information might be used
We want you to feel confident about how your information is used and shared. Before you continue, please read our privacy notice.
Apply for a Business Reserve account
If you’re an existing business customer with a Relationship Manager, please speak to them to discuss your requirements.
If you’re new to Isle of Man Bank or don’t have a Relationship Manager, call our local Business Support Team to discuss.
Call us on 01624 637699
From abroad: +44 1624 637699
Relay UK: 18001 01624 637699
If you'd prefer, email us your name and phone number and we'll get back to you by the next working day.
Lines are open Monday to Tuesday 9:30am - 4:30pm, Wednesday 10:00am - 4:30pm and Thursday to Friday 9:30am - 4:30pm (except public holidays). Calls may be recorded.