Compare Offshore Savings Accounts

Oliver Roylance-Smith, Director

Offshore savings accounts 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.

Oliver Roylance-Smith, Head of Savings and Investments
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 - $5,000
  • Worldwide Instant Access 24/7
  • Interest Paid Monthly
  • Includes 0.30% AER/Gross Bonus for first 12 months
  • After 12 months the interest rate will automatically reduce
Up to 0.50%Instant AccessEuro (€)More Info >
  • Minimum deposit - €5,000
  • Worldwide Instant Access 24/7
  • Interest Paid Monthly
  • Includes 0.40% AER/Gross Bonus for first 12 months
  • After 12 months the interest rate will automatically reduce
Compare Offshore Fixed Rate Bonds
ProviderAccountGross Rate AERTermCurrencyMore Info
1.10%1 YearSterling (£)More Info >
  • Minimum deposit - £10,000
  • Sterling Deposits Only
  • 5 Year Term Bond Available
  • Bond designed to be held for full term
  • Charge for early withdrawal
0.75%1 YearDollar ($)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

Offshore Savings Accounts


UK offshore savings accounts are provided mainly by UK banks and building societies are based mainly in the Channel Islands or the Isle of Man. Most offshore accounts are available to anyone although some restrictions may apply. Offshore accounts range from no notice accounts to short term notice accounts typically 7 day, 30 day, 60 day or 90 day through to longer term savings accounts( often called business fixed rate bonds) which typically range from 12 months to 60 months notice. With an offshore savings account you can benefit from interest being paid gross either monthly, quarterly or annually depending on the Provider terms. You also have options on currency with providers offering Sterling, Euro and Dollar accounts.

 

Use the table below to compare different types of offshore savings account:

 

Type of Offshore Savings Account

Offshore Savings Account Features

Offshore Savings Account Access

Instant Access Offshore Savings Account

 

Will normally offer higher interest than what can be obtained on an offshore current account.

Instant access or easy access

Fixed Rate Notice Offshore Savings Account

 

With these types of savings account you have to give notice before you can take money out e.g. 7, 30, 60 and 90 days.

An interest penalty will often be applied if notice is not given.

Offshore Fixed Rate Bond

 

Usually 1, 2, 3, 4 or 5 year saving terms with a minimum deposit. Interest is normally paid on maturity.

Designed for money to be held for full term. Early withdrawal may result in a penalty.

Offshore Structured Deposit Plans

 

Usually 3, 4 or 5 year saving terms with a minimum deposit. Performance will usually be linked to a world stock market with at least your original capital paid back at maturity subject to the deposit taker remaining solvent.

Early withdrawal may result in a penalty. Designed for money to be held for full term

 

Choosing an Offshore Savings Account



There is a wide range of business savings account deals to choose from so we have highlighted some of the features to look out for:

 

- Offshore Savings Minimum deposits – some offshore savings accounts require a minimum level of funding.

 

- Offshore Savings Account Access – Depending on the offshore savings account access will be typically through the internet, telephone or post. Some accounts provide cash cards.

 

- Offshore Savings Interest Calculation – some savings account providers will pay interest monthly and others quarterly or annually or only when the account is closed. The latter option could be useful from a tax planning view.

 

- Offshore Savings Account Protection – Offshore savings accounts do not currently come under the UK FSCS protection scheme. Your savings may be protected under the depositor protection scheme where the offshore account is held e.g. for offshore savings accounts in Guernsey depositors are offered protection for qualifying deposits up to £50,000 subject to certain limitations. You should check with the offshore savings account provider for further details.

 

With interest rates at the time of writing at an all-time low the impact in real terms of inflation on your money is not to be underestimated in eroding the buying power of your hard earned cash. Use our offshore savings comparison tables to ensure you get a good savings rate.


For most people, offshore savings accounts could have the following pros and cons:

 

Advantages:

- Allows you to save money in foreign currencies

- Interest is paid on ‘gross’ balances rather than ‘net’ balances, meaning more interest

- Choice of either instant access or notice accounts

- Interest deferral options, meaning you could receive this at a time convenient to you

- There is a delay in paying income tax, meaning you could potentially save more

 

Disadvantages:

- Most offshore savings account deals require large deposits

- They can be expensive to run

- Savings will not be covered by the UK Financial Services Compensation Scheme, but could be protected by a similar scheme of the country in which the account is based

- Although unlikely, it is possible that you could be taxed twice, depending on the account’s location

 



With these various factors in mind, if you still feel that an offshore savings account is the right vehicle for your money, your next step should be to consult the offshore savings account comparison tables on this page.