Best Buy – Offshore Bank Accounts

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:

• Charge a fee
• Require you to deposit a minimum sum
• Require that you earn a minimum amount

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.

Depositor protection schemes in crown dependencies

Gibraltar	100% of the total of all qualifying deposits up to a maximum of €100,000 via the Gibraltar Deposit Guarantee Scheme.
Guernsey	First £50,000 per individual claimant per licensed institution via the Guernsey Banking Deposit Compensation Scheme.
Isle of Man	Depositors' compensation scheme (DCS) that compensates up to £50,000 of net deposits per individual depositor.
Jersey	Depositor's Protection Scheme. Individual depositors are protected up to £50,000 per person per Jersey Banking Group.

Find out where an offshore bank is registered, and the relevant compensation scheme in our depositor protection scheme guide.

What next?

Compare offshore bank accounts

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Compare offshore savings accounts