Offshore Savings Account Comparison

Latest Offshore Interest Rates

In opening an offshore savings account you may be able to earn more interest because of the higher rates of interest abroad.
Although you may receive more interest in an offshore savings account, it is a legal requirement that you pay UK income tax on the interest you earn throughout the lifetime of your offshore savings account.


It is important to remember to carry out a comparison of offshore savings account deals before committing to a specific provider and type of interest rate.


You may wish to use our offshore savings account comparison tables to discern which deal is best for you and which providers offer them:

Offshore Instant Access Accounts
ProviderAccountGross Rate AERTermCurrencyMore Info
Up to 0.90%Instant AccessSterling (£)More Info >
  • Minimum deposit - £5,000
  • Worldwide Instant Access 24/7
  • Interest Paid Monthly
  • Includes 0.30% AER/Gross Bonus for first 12 months
  • After 12 months the interest rate will automatically reduce
Up to 0.80%Instant AccessDollar ($)More Info >
  • Minimum deposit - $5,000
  • Worldwide Instant Access 24/7
  • Interest Paid Monthly
  • Includes 0.30% AER/Gross Bonus for first 12 months
  • After 12 months the interest rate will automatically reduce
Up to 0.50%Instant AccessEuro (€)More Info >
  • Minimum deposit - €5,000
  • Worldwide Instant Access 24/7
  • Interest Paid Monthly
  • Includes 0.40% AER/Gross Bonus for first 12 months
  • After 12 months the interest rate will automatically reduce

Before choosing the offshore savings account that most suits you, you should consider both the pros and cons associated with opening an offshore savings account:

 

Potential Pros

 

  • Your savings are likely to grow at a faster pace in an offshore savings account because of higher interest rates and there is often a delay in your gross interest being taxed by HMRC
  • You may be able to save in a foreign currency and receive higher rates of interest
  • While the interest earned on your savings is subject to UK income tax law, it may be used to supplement your income to ensure that you maintain a good standard of living
  • You may choose between instant access or notice accounts
  • ‘Gross’ interest is paid, rather than ‘net’, allowing you to save more effectively and make use of the delay period before you pay income tax

 

Potential Cons

 

  • Interest rates may not be substantially higher than those in the UK, if at all
  • Any deposit protection schemes offered may differ from those available to customers of British Banks
  • You may be taxed twice by HMRC, depending on the location of your account
  • Most accounts require substantial deposits and you may be charged fees for withdrawing cash.


The tables we have set on this page are a great starting point for a detailed comparison of the offshore savings accounts offered by different providers.

Compare Offshore Fixed Rate Bonds
ProviderAccountGross Rate AERTermCurrencyMore Info
1.10%1 YearSterling (£)More Info >
  • Minimum deposit - £10,000
  • Sterling Deposits Only
  • 5 Year Term Bond Available
  • Bond designed to be held for full term
  • Charge for early withdrawal
0.75%1 YearDollar ($)More Info >
  • Minimum deposit - £10,000
  • Dollar, Sterling and Euro Deposits Available
  • Bond designed to be held for full term
  • Charge for early withdrawal
0.30%1 YearEuro (€)More Info >
  • Minimum deposit - €10,000
  • Euro, Sterling and Dollar Deposits Available
  • Bond designed to be held for full term
  • Charge for early withdrawal