Offshore Savings Accounts in Jersey

In many locations such as Guernsey, The Isle of Man and Jersey, Offshore savings accounts may be used by UK customers who wish to maximise their savings. When searching for a suitable offshore savings provider, it is recommended to shop around using offshore savings accounts comparisons in order to find the best possible deal. Using an offshore savings account in jersey may provide customers with a number of useful tax benefits. Although customers will be expected to pay income tax on their savings, there may often be a significant delay before the tax on any interest earned is collected, which may allow customers to save a little extra.

UK Banks and building societies based in Jersey include:

• Barclays Wealth
• HSBC International
• Natwest Offshore
• RBS International
• Royal Bank of Canada
• Standard Bank

Furthermore, unlike many UK banks that have their interest paid on a ‘net’ basis, interest from an offshore provider may instead by paid before any tax deductions are made, allowing customers to save more money. See our table below for a selection of offshore savings accounts deals.

As the case with most offshore savings banks, the customer will usually be expected to a pay a minimum deposit of usually at least £5,000 (Could also be Euros or Dollars) to open a bank account. As such, offshore savings accounts are usually best suited to customers who are looking to earn interest on a suitably large sum of money. 

Despite the number of tax benefits that customers may be able to take advantage of using offshore savings accounts, many people are often forced to sacrifice the security of their savings due to the lack of an effective deposit protection scheme.

Fortunately however, Jersey has its own Depositors Compensation scheme in place, which came into effect on the 6th November 2009. Under this scheme, customers can be compensated for up to a maximum of £50,000 in the event that their money is lost due to default of the bank.