How to Compare the Best Offshore Banking Providers & Savings Accounts
Offshore savings accounts help you save money, and can be a useful tool for any investor.
But, just as you compare investments, it is also important that you compare the best offshore banking providers and savings accounts.
Here are some tips on what to look for when making the comparison.
Overview of offshore savings accounts
Offshore savings accounts are run from the Isle of Man, the Channel Islands, or Ireland and are offered by most major British banks. They work with multiple currencies and enable you to make a withdrawal in virtually any country. The main advantage is a notable tax benefit.
Types of offshore savings accounts
The four basic types of offshore savings accounts.
- Accounts with a minimum deposit of £5,000 require a notice (with a period of around 90 days) to be given before you withdraw funds, or you could incur a penalty
- Accounts with a minimum deposit of at least £1,000. No notice accounts contrast with notice ones in that they do not require you to issue a notice before withdrawing funds. The disadvantage of no notice offshore savings accounts is that they generally have lower interest rates than notice accounts
- By interest rate type fixed-rate accounts offer a fixed interest rate over a predetermined period, requiring a minimum balance of at least £5,000. Fixed-rate offshore savings accounts have a high interest rate in general
- Monthly interest accounts require a minimum initial deposit of at least £1,000 and are best suited to those investors who want to transform the interest rate into a monthly income. Monthly interest offshore savings accounts can be notice or no notice
As in all things, when comparing offshore banking providers, advice should be sought from experts.
Choosing the best offshore banking providers can be difficult, so careful consideration is crucial. Your questions on the best offshore banking providers 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 account for you.