Your bank account in Bermuda

The four banks

Bermuda has exactly four banks: HSBC Bermuda, Butterfield, Clarien and Bermuda Commercial Bank. Three of them are clearly aimed at residents. HSBC Bermuda asks non-Bermudians for a tie to the island, such as a work permit, a spouse's letter or proof of permanent residence; the opening deposit is BMD 100. Clarien opens accounts online but asks for a work permit or other immigration documents. Butterfield runs chequing accounts in Bermuda dollars, US dollars, Canadian dollars and sterling, for $10 plus a $3 compliance fee a month.

Bermuda Commercial Bank describes itself as an international bank for complex needs, ready to go in days: typically three to five days to open, in more than twelve currencies. Its fee schedule of September 2026 sets a minimum balance of $5,000 for personal clients and $25,000 for companies, or a charge of $50 or $500 a year below that. For relationships of medium or high complexity under $1 million it may charge $5,000 a year at its discretion. Fixed deposits start at 25,000.

Deposit insurance: Bermuda dollars only

The Bermuda Deposit Insurance Corporation covers up to BMD 25,000 per insured depositor per member bank. The catch is in the small print: it is a domestic scheme. It does not cover foreign-currency deposits or deposits at the banks' overseas subsidiaries, so a US dollar account in Bermuda is not insured. Companies are covered only if they are on Bermuda's small business register.

And the Corporation itself says its fund is not currently adequate to meet its obligations if a member bank fails. For a client from Europe, Bermuda's deposit insurance is therefore no argument at all. The comparison with the other islands is in deposit protection on the islands.

Bermuda and the CRS

Bermuda reports under the CRS. Banks' returns for 2025 were due by 31 May 2026, and responsibility for CRS information now sits with the new corporate income tax agency. Your account is reported to your country of residence, and you declare the income there. More in the CRS and the islands. For another view of Bermuda, see Freedom Banking on Bermuda.

Who Bermuda suits

Bermuda suits clients who deliberately want a small, conservative banking centre under British law, hold their money in dollars and can live with the fees of the one bank that is built for international clients. If you have a link to the island, such as a work permit, a property or a company managed there, you have more choice.

For a sterling or euro account without any tie to the island, Bermuda is a detour. The Crown Dependencies and Gibraltar offer multi-currency accounts with sterling deposit protection, and from Europe they are closer, in time zone and in everyday practice.

Bermuda and the EU list

Bermuda is not on the EU list of non-cooperative jurisdictions as revised in October 2026. Annex I currently names eight countries and territories, including the British Overseas Territories Anguilla and the Turks and Caicos Islands, but not Bermuda. For a private account the list changes nothing about your duty to declare income at home. It matters for companies and structures, where your home country may apply its own rules; we look at that in the UK Tax Consult.

Sources: Bermuda Deposit Insurance Corporation; Bermuda Commercial Bank: Fee schedule September 2026; Bermuda Commercial Bank; HSBC Bermuda: Account opening leaflet; Clarien Bank: Open an account; Government of Bermuda: Common Reporting Standard