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 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

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.
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