Isle of Man Bank
2 reviews from the community
Review of "Isle of Man Bank"
Having never done a review on a bank before, bear with me.
Isle of Man Bank Limited is part of NatWest Offshore Limited, which is a subsidiary of the Royal Bank of Scotland (not to be confused with the Bank of Scotland btw) It was established in 1865 and has 11 branches situated throughout the island. Its network of branches and ATMs (cash machines) is the most comprehensive on the island.
The staff currently employed at the Isle of Man Bank, numbering approximately 350, I have found to be polite and friendly. They tend to respond to queries and complaints quickly.Accessibility
The Head office is situatated on Strand Street opposite Marks & Spencers, in Douglas on the Isle of Man. There are numerous branches around the Isle of Man and a Cash Machine is never far away. Online banking is also offered, which takes away a lot of hassle, so accessibility is not a problem here.Interest Rates and other Services
A list of IOM Bank's competitive Interest Rates is on their website. With my account- I have a Current Plus account - the interest is calculated on a daily basis, and applied monthly. The annual rate of interest (as of 29/08/03) is 0.10%.There is incentive for young people to get an account with this Bank, as under 16s get a substantially higher interest rate, and get a cash gift of £10 when they join. Also there are competitions run for young people who have just opened an account - the prizes tend to be CDs and such like. It's probably a good idea to enter too, as the chance of getting a prize is substantial- as it is limited to the poeple who have opened their accounts at the time.
CashcardIt is also possible to set a daily limit on the amount of money you can withdraw- this is particulary useful for parents whose children have accounts. The card that I have is Solo which is accepted at most shops around the Island- it can also be used abroad, at any cash machines displaying the Cirrus or Maestro logos- this is the same for Switch, although there is usually a small charge for using the ATMs abroad. The exchange rate and exchange rate transaction fee (ERTF) will show up on your statement, along with the currency amount, location, and date & time of transaction.
In conclusion- I would definately reccomend this Bank for young people on the Isle of Man, and for that matter adults. Although I think that there are more advantages to being young here! lolP.s Marandina... Basically there arent that many advantages of being a UK resident and having an account in the IOM. Living here as a resident is different though - because of locality and lower taxes. This can be a touchy subject, but I know that a company based in IOM where one of the directors lives in the UK is able to take money out from accross having paid a fee. I'm not totally clear on this subject, but if you use an offshore bank then it is possible that you may get taxed twice- both in the UK and offshore.
I suggest that it is more practical to have a bank that is local - as IOM bank is a subsidiary of Natwest and Royal Bank of Scotland- there will be other subsidiaries in UK. Hope this helps a bit -x-
Product Information : Isle of Man Bank
Manufacturer's product description
Listed on Ciao since: 09/04/2004