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Offshore savings accounts

You don’t need to be super-wealthy to benefit from an offshore savings account. A common myth is that only oligarchs and international business people use offshore savings accounts, but in reality anyone can open one. A number of UK banks and building societies offer offshore savings accounts, usually aimed at British nationals living and working abroad. Such accounts allow savers to deposit and withdraw savings in a variety of different currencies, and can also be opened by UK residents wishing to take advantage of the tax rules governing offshore savings and investments.

How to find the best offshore savings accounts

Offshore savings accounts tend to be based in places like the Isle of Man, Ireland and the Channel Islands, but are offered by many well-known banks and building societies such as Nationwide and HSBC. As such, you can normally apply for an offshore savings account online or over the phone.

The best offshore savings rates depend on the type of account chosen. For example, fixed rate offshore savings accounts are available, but terms and conditions often stipulate that money must be tied up for extended periods (up to five years), meaning withdrawals mid-way through a term will attract penalties. Instant access offshore savings accounts are also available, and offer more flexibility in terms of withdrawals, but have a lower interest rate. The other thing to remember is that many offshore accounts have minimum balance requirements – usually £5,000 or £10,000.

Advantages of offshore savings accounts

Amongst the benefits of offshore savings accounts are the following-

Drawbacks? Offshore savings rates used to be higher than traditional high-street savings accounts, although this is no longer the case. Another downside is that offshore financial institutions are not covered by the Financial Services Compensation Scheme which covers savings in the UK, although some high-street banks operating offshore savings products do guarantee deposits with offshore subsidiaries.

Offshore savings rates comparison

To find out more about the types of offshore savings products available, including easy access offshore savings and offshore notice accounts, use our simple comparison tables. These provide the latest data about offshore interest rates, minimum deposit requirements, notice periods and much more. So Compare offshore savings accounts quickly using our comparison tables and get a great return on your savings. If you’re looking for more general information on the top ten savings accounts then we can help with that too.

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