Investing your money in an easy access offshore account is great if you need frequent and immediate ... More
Alliance & Leicester International has reviewed its offshore fixed rate portfolio, with the new 18 m... More
The Co-operative Bank has increased the rates paid on a number of its offshore bond accounts. ... More
Nationwide International has bettered the rate offered on its no notice offshore account, making it ... More
Alliance & Leicester International has markedly improved the rates paid on two of its offshore accou... More
Offshore savings accounts are savings accounts which are run from the Channel Islands or the Isle of... More
Offshore banking facilities are offered by most of the largest UK banks and building societies. These banks are separate companies that operate in the crown dependencies of the Channel Islands, Gibraltar or the Isle of Man.
Offshore banks are geared towards expats and UK residents who find it useful to have an account in another currency, or who want to do their banking in a part of the world that is more stable than where they live.
An offshore bank account will usually have all the facilities and features of an onshore current account, such as an overdraft and a debit card.
However, you should be aware that some accounts:
Current account funds kept offshore don't fall under the UK Financial Services Compensation Scheme, even if your bank is a subsidiary of a UK bank or building society. Depending on where the bank is licenced you might be protected by a scheme from that jurisdiction.
Isle of Man
Find out where an offshore bank is registered, and the relevant compensation scheme in our depositor protection scheme guide.