Before choosing the right Barclays offshore savings account for you, you may wish to consider the pros and cons related to this type of account.
One of the potential advantages is the fact that gross interest is paid instead of net interest as income tax is not deducted before it goes to your savings account (as it is in UK savings accounts). This interest maximizing potential stems from the fact that there may be a delay in paying income tax to HMRC that may allow you to maximize your savings and accumulate more ‘gross’ interest
There are also, however, a number of potential downsides to taking out an offshore savings account from Barclays or any other provider. In short these may be: a large deposit may be required; deposit protection schemes may not be offered on offshore accounts or offer less protection than the UK FSCS scheme.
There may also be no guarantee that the interest rate in a foreign country will be higher than that available in the UK.
You may also be taxed twice by HMRC, depending on the location of your offshore savings account.