Offshore Banking - Our offshore banking information will help you understand the basics of offshore banking and identify the best offshore banking options.
Fixed rate accounts
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Many banks provide offshore accounts based in the Channel Islands and the Isle of Man. Interest is paid into the account gross but has to be declared as income.
These accounts offer a fixed rate of interest over a defined period.This means that the interest paid on the account will not be affected by changes in interest rates for a specified term. People who like to know exactly how much interest they will earn on their savings often opt for these accounts.The fixed term may be for a number of years or until a specific date. Early access to capital in these accounts is usually on closure only or may be subject to a penalty, such as loss of interest.
Things to watch out for:
- Minimum balances.
Some accounts may require you to invest more than £1 initially to open the account. - Some accounts do not allow you to access your savings at any time and if you do the account will need to be closed. Others will allow access but this will lose you interest on your savings.
- Some accounts only allow a one-off lump sum to be invested and thus no further additions are permitted.
Related Links
If you are looking to invest money offshore, compare accounts by using our offshore savings account search.
If you are looking for further information on investment products, visit our investment section for best buys and guides.
