Offshore Savings Account Calculator

There is a common misconception that offshore savings accounts may allow customers to avoid paying taxes altogether. While this is unfortunately not the case, it is important that customers understand the range of money saving tools that are at their disposal, including the use of offshore savings calculators.

 

Most UK bank accounts have their interest paid to customers on a ‘net’ basis. This means that interest is taxed before it is transferred to customer. Offshore accounts work slightly differently and instead are credited ‘gross’, meaning that tax is deducted after the interest is paid to the customer, allowing them to save more money.

 

By using an offshore savings account, customers can save money. Tax on these accounts may also be collected later and may be deferred, allowing customers to gather significantly more interest for a period of time before anything is collected from HMRC.

 

To learn more about the various offers that are available, please see our table below for comparisons on offshore savings accounts.

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
If you are considering opening an offshore savings account, you may also wish to make use of an offshore savings calculator to help determine how much your money may grow. When searching for an appropriate provider, it is also recommended to shop around using offshore savings account comparisons in order to find the best deal.

 

It is also important to remember that there are a variety of different types of accounts and options that are available. As such, it is recommended to research offers and make use of an offshore savings calculator to find a suitable offshore savings account deal.

 

Although they can be useful in many respects, it should also be remembered that offshore savings calculators may not always be completely accurate. Because of this, customers should take care to carefully research offers from different providers in order to find the best deal.

 

The following are some examples of the different account types that are available:

 

  • Easy access accounts, that allow customers to get to their money relatively easily
  • Notice accounts, that will usually provide customers with a good rate of interest, but will usually have a substantial waiting period before money can be withdrawn
  • Fixed rate accounts, that provide customers with a guaranteed fixed rate of interest for a set period

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