Offshore Savings Accounts and UK Residents

For UK residents, there is a wide variety of offshore savings accounts available.


You may need to decide between the following features, including: 

  • Choose between a notice and a non-notice account
  • Choose the type of interest rate deal that suits you (fixed interest rate or variable interest rate)
  • Decide whether you want to receive your interest annually or monthly.


For latest offshore savings account deals use our comparison tables below:

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

It is necessary to consider what advantages and disadvantages there might be for a UK resident with an offshore savings account before opening one.


Advantages

  • There might be a delay in paying income tax to HMRC, allowing you to earn more gross interest on your savings
  • Convert your savings into foreign currency to earn more money on your savings
  • You may be able to use the interest you earn on your savings to supplement your income to maintain a good standard of living
  • There are interest deferral options
  • You may choose between a variety of accounts (Euro accounts, USD accounts, deferred interest accounts, expatriate accounts)
  • The interest is paid in its ‘gross’ amount rather than ‘net’
There might be a delay in paying income tax to HMRC, allowing you to earn more gross interest on your savings


Disadvantages

  • Interest rates may not surpass those in the UK
  • Deposit protection scheme may differ from country to country
  • You could be taxed twice by HMRC if you do not maintain accurate records
  • Most accounts require substantial deposits and you may be charged withdrawal fees
Interest rates may not surpass those in the UK


Before committing to any given offshore savings account you should compare a range of financial providers and accounts, as each provider differs in their terms and conditions and it is worth finding the offshore savings account deal that is best for you. 

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