Offshore Savings Accounts and UK Tax

Ordinarily, interest from UK banks is normally paid on a ‘net’ basis, meaning that income tax will have already been taken before the interest has been paid. Using an offshore bank, tax may instead be credited ‘gross’ without any deductions having first been taken, affording account holders some significant savings. See our offshore savings account comparisons table below for more information and similar offers.

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 also worth remembering that there may be a significant delay before any UK tax is taken from an offshore savings account. Although this tax will of course ultimately have to be paid, the delay before any money is actually collected can also allow customers to save extra money from their savings account.


Aside from some of the UK tax benefits that may offered by using an offshore savings account, it is important to remember that the rates for these savings accounts may be extremely variable, much like many UK savings accounts.


It is therefore important to shop around as much as possible in order to find a competitive offshore savings account deal.

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