My Account is with an Offshore Bank

Many banks have offshore branches operating accounts in sterling and other currencies and which pay interest gross. Where your bank is based will define what your protection is:

• Isle of Man – protection is available for up to 75% of £20,000 savings;
• Jersey – deposits are not protected
• Guernsey – deposits are not protected

Guernsey has now implemented a Deposit Protection Scheme which protects all retail deposits. The scheme is called the Guernsey Banking Deposit Compensation Scheme and has been put in place to ensure that Guernsey is still seen as a competitive place to save. The key elements of the scheme are:

• The scheme covers all individual retail depositors, wherever they live.
• The scheme provides compensation of up to £50,000 per person per licensed bank, no matter how many accounts they have with that bank.
• The scheme will pay compensation within three months of a bank failure.