Five Tips When Opening an Offshore Savings Account

An offshore savings account can help you earn from interest, more than you can do with a standard savings account in your home country. 

But, to maximise your earnings with a savings account, you need to consider a few things.

Choose the right currency

Depending on the currency of your offshore savings account, the minimum deposit required will vary, as will the final interest rate you’ll end up with.

Many investors find it is to their advantage to use their native currency, but there are exceptions.

Activate the Internet banking service

Managing an offshore savings account is infinitely easier through internet banking. Additionally, you are also likely to save on fees for any transfers and payments if you handle transactions through the web interface provided by your bank.

Maintain the minimum account balance

With many savings accounts, if you don’t maintain the minimum balance, you don’t get any interest. Make sure you learn about the minimum account balance before you open your account, and check the small print for any related points.

Understand how many withdrawals you can make without incurring a penalty

Many offshore savings accounts will not let you make any withdrawals for several months, or possibly several years, once you have deposited money in your account. If you plan to use the money in your account in the near future, you’ll want a more permissive account.

Contact the bank before the account’s end term

When a fixed-term savings account reaches its end term, your money is usually moved by the bank into a new account with lower interest rates, and possibly other disadvantages. To avoid this, contact your bank before the fixed-term account expires and ask for your options.

Looking for an attractive offshore savings account? 

Compare the Financial Markets can help you find the one that suits you.

Visit the 'offshore' section and ask our experts to compare offshore savings accounts and deposits.

Best Offshore Savings and Deposits for 2018

As in all things, when comparing offshore savings and deposits, advice should be sought from experts.

Choosing the best offshore savings and deposits can be difficult, so careful consideration is crucial. Your questions on the best offshore accounts will be answered by our industry experts, free of charge. 

To help you through the multitude of choices, enter your details below and let the Compare The Financial Markets experts find the best offshore savings and deposits for you.