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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
A US dollar savings account is simply an account that lets you make deposits and earn interest in dollars. You can open savings accounts denominated in US dollars from some UK banks and building societies, with most offshore banks offering this too.
The big advantage of having a US dollar savings account is that your currency isn’t converted. So if you are paid in US dollars, you don’t have to pay foreign exchange charges, or risk losing out if the exchange rate isn’t favourable with the country you are living in.
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 in that jurisdiction.
Isle of Man
Find out where an offshore bank is registered, and the relevant compensation scheme in our depositor protection scheme guide.