Nationwide to close Isle of Man offshore expat unit

Added 17th January 2017

Nationwide International, the Isle of Man-based offshore unit of UK retail bank Nationwide, has announced that it is closing its doors in summer 2017 in a move expected to affect thousands of British expats.

Nationwide to close Isle of Man offshore expat unit

On it’s website, the bank’s offshore operations, which are popular with British expats living outside the UK, has said it will start closing customer accounts from the beginning of 2017.

Nationwide International said the decision to shut up shop was based on a number of factors including falling demand, declining volumes of current business and increased running costs.

It has sent out an initial letter to clients advising them of the news, but will be writing again with important information and dates regarding the closure of their specific accounts.

As a result, the bank is advising customers transfer their savings, adding that they can choose to close their accounts right away or wait until they are sent the closure dates.

Nationwide International has removed any notice requirement on its accounts, and fixed rate bonds can also be closed before the scheduled maturity date, with no penalty.

“Customers are required to find a new savings provider and all Nationwide International accounts will need to be closed. We will be writing to all customers personally with important dates and information regarding the closure of accounts.

"Customers with more than one account will receive a separate letter for each one. Our customers can rest assured that their money remains in safe hands,” said the bank in a statement.

“As finding a new savings provider may take time, customers are advised to look for a new home for their savings now. Customers may wish to talk to their financial adviser about this, if they have one.”

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Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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