Compare offshore savings accounts

An offshore savings account in US dollar may be of use to you if you are paid in US dollars or run a business that operates at an international level in US dollars. There are certain advantages in opening a US dollar offshore savings account and these include: 

• FX costs remain low
• Flexible tax planning
• International access to your savings
• Account administration costs remain low
• In a fixed term offshore savings account you avoid the risk of changes to the interest rate

Before committing to an offshore savings account in US dollars, it is important to compare the many providers who offer such accounts. You may wish to take a look at our comparison tables to see a range of offshore savings accounts deals and providers.

It is worth considering the advantages and disadvantages that relate to offshore savings accounts before opening an account. Below are details of the pros and cons associated with this type of account:

Advantages

• There may be interest deferral options to choose from
• You may be able to save money in foreign currencies, including in US dollars
• You may be allowed to choose between instant access or notice accounts
• There may be a delay in paying income tax, allowing you to maximize your savings
• You may receive a ‘gross’ amount of interest, rather than ‘net’ interest (before income tax reduction)

Disadvantages

• A substantial deposit may be required
• An offshore savings account may be expensive to run and maintain
• You may be taxed twice but this depends where your financial provider is located

These disadvantages and advantages do not apply to all offshore savings account deals offered by all providers so take the time to look at the individual details before parking your money offshore.