Offshore Savings Accounts
Offshore Savings Accounts
Offshore savings accounts are now available to a wide variety of savers. They offer a range of options, many of which are not available to standard savings accounts. Interest on offshore accounts is paid gross without any tax deductions and many accounts are multi-currency, making them beneficial to those who need to deal in a variety of currencies on a regular basis.
Offshore savings accounts can generally be accessed the standard methods of account administration, including online. Their advantages and disadvantages will make them suitable for some and not others, and doing sufficient research is a must before making any final decision. One such disadvantage is that offshore financial institutions are not covered by the UK Financial Services Compensation Scheme.
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