Offshore savings accounts & account guide
There are many offers available to expatriates, with some banks offering a higher interest rate to 'offshore' customers. Lloyds TSB have recently launched an offshore savings account which allows savers to earn up to 2.5% gross interest for the first 12 months. The downside however is that the minimum deposit is £5,000 or 5,000 euros. Other banks with similar offers include Barclays, Abbey and HSBC.
The interest offers for offshore accounts vary from bank to bank, it is only those with introductory offers that will tempt you, mostly because of the low base rate for interest right now. For example, a savings account with £5,000 deposited and an AER of 0.05% will only earn £3.00 in interest on the entire year.
Some deals are out there to be found, the Halifax for example offers up to 3.04% AER which includes an introductory bonus of 1% for the first 12 months. Unlimited withdrawls without notice and no loss of interest. You can even choose from telephone or secure online banking. A minimum opening balance of £2,500 is required up to a maximum of £500,000.
Financial advisers have good working relationships with a wide range of institutions, when seeking advice ensure that the accounts suggested for you are suited to your circumstances. The good news is that if you are prepared to take time to look around and even recruit the help of an adviser, there is an offshore instant access savings account for you.