The figure is thought to make it one of the Isle of Man’s top deposit takers.
Total bank deposits in the IoM stood at £48.77bn at the end of June, which means Nationwide International’s share is a little more than 10% of the total. The island’s bank deposits have been mostly falling since around the end of December, 2008, when they stood at £58.13bn, according to the Isle of Man Government’s website.
Managing director Philip Dunne marked the £5bn achievement by organising a breakfast for the staff, at the company’s offices in St George’s Street, Douglas.
Dunne said the offshore arm of Nationwide had not done anything “particularly clever”, but stuck to a time-honoured, low-risk business model.
“We don’t offer mortgages, we don’t offer credit cards, we don’t offer overdrafts, we just offer good-priced savings accounts,” he said, in an interview with a local journalist.
Nationwide International’s “Bonus Access Account Issue 2” account is shown as topping the Moneyfacts.co.uk’s Easy Access Offshore Savings Account category, one of several categories it rates highly in, with an AER of 2.5%.
Customers of Nationwide International are spread across more than 150 countries, and are able to hold their deposits in a choice of sterling, euro or US dollar accounts.
Nationwide International’s success in attracting deposits comes as many major banks around the world have been struggling, and having to cut costs by closing operations and branches, slashing bonuses and letting go of staff.
