Frequently Asked Questions

The total interest will be shown on your statement as “negative credit interest”.

Clause 6.21 - General Terms and Conditions

Negative interest rates may be applied where market conditions dictate and/or the Bank may charge a fee for maintaining an account in such circumstances.

Your card will be ordered as soon as your account is opened and you should receive your debit card within 7-10 days of your account details being confirmed to you.

Please ask your client to call our Personal Banking Team on +44 (0)1624 643643 (Monday to Friday 07.00 to 18.00 UK time, excluding UK bank holidays), or via email; [email protected] or if you have online banking you are able to send a secure message to our team.

Standard Bank Isle of Man Limited do not offer credit card facilities to clients. We do however offer the Optimum Account, a transactional bank account with a Visa debit card. 

Whilst introductions are made by the IFA firm, the client contracts directly with the bank to open and operate the account.

This agreement is subject to our General Terms and Conditions and to data protection rules.

Instructions must, therefore, be provided by the client to the Bank.

1.Click the 'Login/ Register' blue button at the top right hand side of this website.

2. An option for 'Register for Internet Banking' will appear. Click on the button.
3. On the left hand side of the new page is an option for 'New registration'.
4. Complete the profile details - these are their own personal details.

NB – if they have a joint account, each person will need to register individually.

5. Select and confirm a suitable Password and Memorable Date.
6. At the bottom of this screen, select the ‘Single Customer’ service and click 'continue'
7. Enter Customer Number and Customer Name (if joint account, they need to enter the joint details here)
8. Select the appropriate transaction rights in accordance with their banking mandate and click 'continue'

If they have selected Inter Account Transfers and / or Payments, then this next screen is to order the dual factor security token and needs to be populated with the delivery address and a contact number. Ideally this should be their normal mailing address to ensure we can get this to them as soon as possible.

In order to process payments on-line, your client needs to use a security token which provides a secure ‘one-time’ password each time they authorise a payment. This is to enhance the security for their Internet Banking service.

9. Click ‘Continue’
10. The next screen will show the Terms and Conditions associated for International Online, which will need to be read and 'ticked' to accept by clicking ‘Confirm’
11. Click ‘Exit’ to finish

This is where a bank charges you to hold your cash deposit, instead of paying interest.

We regularly review client interest rates taking into consideration global financial markets and the economic environment. Unfortunately, we have been placed in a difficult position and introduced negative credit interest rates as a result of the continued market conditions surrounding the Euro currency, which are outside of our control.

The rate payable is shown on our variable interest rate sheet and is applied to all Euro current transactional accounts, where deposit balances are € 100 000 or above. Deposits below this level will not incur a negative rate.

The negative rate will be applied to the full balance in your account, calculated in the same way as credit interest and deducted from your balance.

• If you are set up as a suitable certifier with the Bank, you can certify all crew documents
• Captains and First Officers can certify crew documents for crew employees on their yachts, and on the very large yachts (80m+) we would accept the Purser to certify

We do have to verify the identity of the certifier, so we may ask you for confirmation of this. The same applies to yacht management companies that are not held on our database.

• A yacht visitation form if you have visited the crew member on board
• An original Captain’s/First Officer’s letter (see here)
• A certified copy of the crew member’s contract. The contract must be signed by the employer and the crew member and include the pages that have the crew member’s personal and work information, i.e salary (certified by the Captain or First Officer)
• An original employer’s/yacht management letter (same details as the Captain’s letter template are required)
• A letter from the yacht owner (same details as the Captain’s letter template are required)

• The Captains letter, employers letter, yacht management company, or owner’s letters must have an original wet ink signature
• The certification on the passport must be an original wet ink signature, as does the client signature if they are re-signing due to a change in signature
• The certification of the contract must be an original wet ink signature.

If you are certifying the document, please ask the crew member to sign the passport copy with their current signature in your presence at the time of certification.

If the captain has certified the document;

• If we receive a direct application and the Captain has certified the passport, we can accept a scanned copy, showing the current signature of the crew member.
• This has to show the current signature, certified by the Captain or First Officer who certified the original passport, with the wording “certified as the current signature of [insert crew member’s name]”
• They then must sign, date and affix the boat stamp.

We will also request this from you if you have done the original certification and were not aware the signature differs.

• If you have seen the original passport, then you can certify a new copy of the passport.
• If you have not seen the original passport, please request another copy correctly certified by the Captain
• If cases where this has been received directly, we will email the Captain for confirmation of the missing wording.

• Seafarers must complete the tax section if they have been issued with a tax number in their country of tax residence, regardless of the amount of days spent out of the country at sea.
• If they have never been issued with a tax number, they need to give a detailed description why.

No.

• To open a Seafarer Account, clients must be employed on a yacht.
• However, we will accept temporary contracts on condition the contract is still valid at the time of account opening.

• They can open the account without a debit card.
• Once the account is open, they can contact the bank by phone or ‘secure message’ to order their card(s) and advise us of the delivery address
• If crew need to change the debit card address stated on the application form, you can advise us of this provided the account has not yet been opened
• Once open, we can only accept instruction from the client.

Yes, the Seafarer must be ‘applicant 1’ and the non-seafarer ‘applicant 2’.

• Please note: Captains/First Officers cannot certify non-seafarer documents.
• Please refer to the ‘Identification, Employment and Address Verification’ section in the application form for non-seafarer supporting document requirements.
• You can certify their documents if you’re a suitable certifier for the Bank.

• Clients can call the Bank directly to add additional accounts
• Or they can log on to Online Banking and use Secure Messaging to request the account

They can use the same methods to change the ‘MAIN’ currency account if they change yachts and are subsequently paid in a different currency.

CONTACT THE PERSONAL BANKING TEAM
(Monday to Friday 07.00 to 17.00 UK time, excluding UK bank holidays)

Call - +44 (0) 1624 643643
Email - personal [email protected]

• The client will receive a Welcome email, as soon as the account is open, that contains all their account details
• We will email advisors the day following the account has opened to notify them
• Once the account has been funded, we will pay the commission
• Clients can send their account details to their employer to start routing their salary to their new account
• The debit card is ordered the following working day after the account is open and will be sent by DHL (Royal Mail for UK) approximately  7-10 days later
• Crew members should register for Online Banking as soon as the account is open so that we can send a security token to them. These are sent by DHL the day after registration has been authorised
• Once the Online Banking registration has been authorised, clients can download and use the Mobile Banking App.

Yes, but they must be full time in yachting and have no intention of returning to the United States to live in the foreseeable future.

We have a separate US disclaimer that needs to be completed by:

• all US crew
• or any crew that has dual nationality with the US
• or are submitting a US passport as proof of ID.

Please contact us separately for this.

Yes, because of the nature of US legislation we ask additional questions.

Please contact us for more information.

Download the Personal Tax Information form here

Please click here to access the latest FATCA FAQs.