Banks and Building Societies

All the major U. K. Clearing banks have a strong presence on the Isle of Man, complemented by a number of Merchant and International banks of long standing reputation. The Isle of Man has also been chosen as an offshore base by more U. K. Building societies than any other jurisdiction.

Each holder of a banking licence, with a few exceptions, is required to contribute to the Depositors Compensation Scheme. This Scheme protects up to 75% of the first £20,000, or foreign currency equivalent, of depositors money with any of the institutions subject to the scheme.

The growth of the banking industry within the Island has created greater competition for depositor’s funds, and this has been beneficial to the customer. The benefits are reflected in the range of accounts and deposit rates now available, as well as a continuing investment by the banks in leading edge technology to enhance the speed and efficiency with which business can be conducted.