Opening an account with Nationwide International - Isle of Man

Discussion in 'Deposits' started by Shepherd, Dec 20, 2010.

  1. Shepherd

    Shepherd Frequent Poster

    Posts:
    39
    Has anyone opened an account with Nationwide International in Isle of Man and if so what is your experience or opinion on them? I understand that they are a subsidary of Nationwide UK Ireland with whom I already have an account with and so far I am very pleased with them.

    Is Nat Int.(IOM) completely separate from NUK Ireland and would it be prudent to have funds (up to maximum compensation levels) in both banks?

    I would be opening a sterling account so would love to hear from anyone who has done so with this bank. Thanks.
     
  2. CiaranT

    CiaranT Administrator

    Posts:
    3,951
    I know someone who opened a Nationwide International account recently and they speak highly of Nationwide International.

    Nationwide UK Ireland and Nationwide International are both subsidiaries of Nationwide UK.
     
  3. BostonBoy

    BostonBoy New Member

    Posts:
    1
    I recently opened a sterling account with Nationwide International in the Isle Of Man so just want to let you know my experience as I've benefited from the knowledge shared on these forums (fora). There's a bit of form filling to do & you have to get id & address certified but you can prob do that in their subsidiary in Dublin if it's near you (13 Merrion Row Dublin 2).

    I sent my documentation and forms with my initial deposit via registered post during the snows pre-Christmas & they received everything on 20/12/10 and had acknowledged it by post with account details by last Friday (31/12).

    I called into my own Irish bank (Ulster Bank) yesterday and filled out the forms for an electronic transfer of funds to my new IOM account. I anticipated a few roadblocks would be put up by UB but I must say they were very professional when dealing with my request. I've registered for on-line banking with Nationwide so I'll be checking to see that the wire arrives in a few days!

    Hope this helps & this is my 1st posting and I've seen some weird & wonderful sayings attached with posts & my thought for the day is:
    "Just because I'm paranoid doesn't mean they're not all out to get me!"
     
  4. Conshine

    Conshine Frequent Poster

    Posts:
    451
    How does the tax on your interest work out? They take less than the 27% in Ireland and it is paid to the UK government. Do you claim back all of the deducted amount from the UK government and then pay the Irish Government 27% of the gross?
     
  5. CiaranT

    CiaranT Administrator

    Posts:
    3,951
    You pay zero tax at source. You then need to declare your interest to the Revenue and pay tax.

    Do declare it. You will get yourself in big trouble if you have a zero tax account on the IOM and it is undeclared.

    BostonBoy - Thanks for sharing your thoughts on your experience with an offshore account.
     
  6. Shepherd

    Shepherd Frequent Poster

    Posts:
    39
    Thanks BostonBoy for your information. I havn't yet gone ahead and opened an account with them - the only reason being I am still undecided about sterling or US$ or Swiss francs for that matter!!
    Their rates are competitive enough however.