Offshore Savings Instant Access Accounts

If you are searching for a suitable way of saving money, you may wish to consider an instant access offshore savings account.

 

 Whilst there are a variety of different offshore savings accounts available, an instant access deal can provide customers with some significant flexibility. As the name suggests, the customer may be provided with relatively easy access to their money using this type of agreement.

 

While having easy access to your money is always a positive, it is important to remember that this may often come at a price. Instant access accounts may provide slightly lower interest rates compared with some other types of account, as such, customers should be prepared to shop around and contact several different providers to find the best offer.

 

Before contacting any one provider however, it is always recommended to shop around using comparisons in order to find the most competitive offshore savings account deal. For more information on available offers, see our comparisons table below:

ProviderAccountGross Rate AERTermCurrencyMore Info
   More Info >

* 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.

These offshore accounts are highly appealing for many people as they have the potential to help them save a significant amount of money in the right circumstances. Unlike a high street bank account, the use of an offshore instant access savings account will mean that interest saved may be taxed quite differently.

 

Instead of the customers interest being subject to a ‘net’ tax before they receive it, the money is instead credited ‘gross’ and will have its tax money deducted after the customer has been paid. Furthermore, the tax may not be collected immediately and can be deferred, allowing customers to gain even more interest.

 

Apart from the tax benefits, different offshore savings account deals may have several other strengths and weaknesses. The following are some examples:


 Potential Strengths

  • Customers can save money in foreign currencies
  • A variety of different types of account


Potential Weaknesses

  • High deposit requirements
  • Potentially expensive running fees
  • Money may be less safe depending on the deposit scheme
Instant Access Savings Accounts Deals
ProviderAccountInterest Rate (AER)TermApply
1.30%Instant AccessMore Info >
MARKET LEADING. Earn 1.30% gross/AER. Instant Access. No notice periods. Unlimited payments and withdrawals. Pay in from £100. RCI Bank are protected up to a total of €100,000 by the FGDR, the French deposit protection scheme. Manage account online.
1.22%Instant AccessMore Info >
Earn 1.22% gross/AER variable. Open with £1. Unlimited free withdrawals. Interest paid monthly or annually. Manage your account online. Rate includes a 0.97% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to underlying rate, currently 0.25% gross/AER variable. FSCS protected

1.17%

£1More Info >
Earn 1.17% AER variable interest. Interest can be paid monthly or annually. Open an account singly or jointly. Minimum deposit £1. Unlimited deposits and withdrawals permitted. FSCS Protected

Gross is the interest you will receive before tax is deducted.

AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Latest Fixed Rate Bond Deals
ProviderAccountInterest Rate (AER)TermApply

2.25%

per annum

£5,000Apply Now >
Earn 2.25% fixed interest - 3 year term - Minimum deposit £5,000 - No withdrawals permitted. FSCS Protected

2.05%

per annum

£5,000Apply Now >
Earn 2.05% fixed interest - 2 year term - Minimum deposit £5,000 - No withdrawals permitted. FSCS Protected

2.40%

per annum

£1,000Apply Now >
Earn 2.40% gross/AER fixed for 4 years. Save £1,000 - £250,000. No withdrawals during the term. Individual or joint accounts available. Annual or monthly interest. FSCS Protected
Growth Structured Deposits
ProviderPlan NameMaximum Potential Return*TermMore Info
Kick Out Deposit Plan

4%

per annum

Up to
6 years
More Info >
Capital protected deposit plan with the potential to mature after years 3, 4, 5 and 6. If the plan matures early it will return 4% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer.
* Maximum Growth Yields are not guaranteed and subject to certain conditions