An ‘offshore’ savings account is essentially a type of account held with a bank outside of the customer’s country of residence. These accounts can be highly useful in many circumstances, as they can potentially help customers reduce the amount of money that would normally be spent on their taxes.
By using this type of account, the customer will generally have agreed to store their money for a set period. During this time, the money in their account may be inaccessible, but will continue to earn interest for the duration of the agreement.
If the account is also a ‘fixed term’ one, the money may continue to gather interest at a predetermined rate for the duration of the agreement.
An offshore savings account with a fixed term deposit may be particularly useful for customers who wish to earn interest on a long term basis. When searching for a provider, it is always important to conduct research using offshore savings account comparisons in order to find the best possible offer.
For more information, please see our table below for comparisons on the offshore savings account deals that are available: