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Offshore Savings Accounts in the Isle of Man

If you intend to open an offshore savings account you may wish to consider the Isle of Man as a suitable location for your offshore savings account.
Although the interest earned on your savings may be subject to income tax under UK law, there is usually a delay period between you receiving the gross amount of interest and the date when you have to pay income tax that allows your savings to earn more interest than they would in a UK savings account.

UK banks and building societies that are based on the Isle of Man include:

Alliance & Leicester International Ltd
Bank of Ireland Ltd
Barclays Wealth
Britannia International
Fairbairn Private Bank
Irish Nationwide Ltd
Isle of Man Bank
Kleinwort Benson Bank
Lloyds TSB International
Nationwide International Ltd
Zurich Bank International Ltd

See below for a selection of deals on offshore savings account deals (please note these are not exclusively providers based on the Isle of Man).

Offshore Savings Accounts

Provider	Account	Gross Rate AER	Term	Currency	More Info
	Lloyds TSB International Fixed Term Deposit	4.50%	5 Years	Sterling (£)	More Info >
Minimum deposit - £10,000 Sterling Deposits Only Interest Paid Annually Bond designed to be held for full term Charge for early withdrawal
	Lloyds TSB International Fixed Term Deposit	4.00%	3 Year	Sterling (£)	More Info >
Minimum deposit - £10,000 Sterling Deposits Only Interest Paid Annually Bond designed to be held for full term Charge for early withdrawal
	Lloyds TSB International Fixed Term Deposit	3.55%	2 Year	Sterling (£)	More Info >
Minimum deposit - £10,000 Sterling Deposits Only Interest Paid Annually Bond designed to be held for full term Charge for early withdrawal
	Lloyds TSB International Fixed Term Deposit	3.40%	1 Year	Sterling (£)	More Info >
Minimum deposit - £10,000 Sterling Deposits Only 2,3 and 5 Year Term Bonds Available Bond designed to be held for full term Charge for early withdrawal
	Lloyds TSB International Incentive Saver	2.40%	Instant Access	Sterling (£)	More Info >
Minimum deposit - £10,000 Worldwide Instant Access 24/7 Interest Paid Monthly No interest paid in months withdrawals made
	Lloyds TSB International Bonus Saver - Euro	Up to 2.25%	Instant Access	Euro (€)	More Info >
Minimum deposit - €5,000 Worldwide Instant Access 24/7 Interest Paid Monthly Includes 0.75% Bonus for first 12 months After 12 months the interest rate will automatically reduce
	Lloyds TSB International Bonus Saver - Sterling	Up to 2.00%	Instant Access	Sterling (£)	More Info >
Minimum deposit - £5,000 Worldwide Instant Access 24/7 Interest Paid Monthly Includes 0.5% Bonus for first 12 months After 12 months the interest rate will automatically reduce
	Lloyds TSB International Bonus Saver - Dollar	Up to 1.50%	Instant Access	Dollar ($)	More Info >
Minimum deposit - $5,000 Worldwide Instant Access 24/7 Interest Paid Monthly Includes 0.75% Bonus for first 12 months After 12 months the interest rate will automatically reduce

* GROSS RATE – The contractual rate of interest payable before deduction of income tax at the rate specified by law.

** AER RATE – AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if it was paid and compounded once each year. As every advertisement for a savings product will contain an AER you can compare more easily what return you can expect from your savings over time.

See below for a overview of the advantages and disadvantages in opening an offshore savings account.

Offshore Savings Account Advantages:

Save your money in a foreign currency with a higher FX value. The delay in paying income tax on the interest accumulated on your savings means that there is more time to make even more money from the high interest rates
The interest is paid in its ‘gross’ state, which means that you can make more interest because your savings are greater than they would be in a UK savings account
The interest made on your savings can be used to supplement your income and help you keep a good standard of living.

Offshore Savings Accounts Disadvantages:

Most accounts require substantial deposits and you may be charged withdrawal fees
Interest rates may be no better than those available in the UK
The deposit protection scheme may differ abroad
You do run the risk of being taxed twice by HMRC, depending on the location of your offshore savings account.