The tax that is paid for gross interest offshore savings accounts may be administered quite differently compared with many UK based banks. Instead of taxes being paid on a ‘net’ basis, taxes are instead credited as ‘gross’ without any deductions being taken before the interest is paid to the customer. As well as this, taxes on interest may often be deferred for quite a significant period of time, allowing customers to save even more money.
As one of the main draws of an offshore savings account, the gross interest rates of a proposed agreement should be carefully considered. When searching for a suitable provider, it is always recommended to shop around. For more information on the different offers that are available, see our offshore savings accounts comparisons table below for more information: