Offshore Banking UK
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* 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.
There are a number of advantages to offshore banking. UK residents can use it if they prefer to manage their own taxation, expats and those who spend a lot of time travelling or working abroad might also benefit.
Features of offshore banking, for UK residents and expats, include:
- Send and receive money in different currencies
- Bank in the currency of your choice – usually Sterling, US Dollars, or Euros
- Potentially higher interest rates
- Access to your money anywhere in the world
- Send and receive money internationally