Best Offshore Savings Accounts

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Compare Offshore Savings Accounts

Check the Best Interest Rates Available for Offshore Savings Accounts and personalise the table to specify the size and currency of your investment amount, as well as your preferred account type, interest and notice/term.

You can find available Offshore Savings Accounts from top UK providers below.

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Notice / Term

Expatriate

Interest Paid

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Isle of Man Bank Savings Builder Account

AER

5.38%

Account Type
Offshore Variable

Notice / Term
None

Interest Paid
Monthly

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 5.25% paid at £1, 2.40% paid at £10001 on portion of balance

AER 5.38% paid at £1, 2.43% paid at £10001 on portion of balance

Interest Paid Monthly

Interest payment Interest can be paid away or compounded

Min Opening Amount £0

Max Investment £0

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
Withdrawal during month which results in balance not increasing by £50 will result in 2.20% interest being paid for that month.

Further Additions Allowed

Information

Min Age 16

Max Age 0

Taxation
N/A

Opening Criteria

Isle of Man residents and/or Linked Product (Non-Funded): Must have or open a new current account with provider

Additional Information

Regular Savings account. 2.20% paid in months where balance does not grow by £50.

How safe is your money?

In the Isle of Man, the first £50,000 per person, per bank/building society, is protected. If you have also borrowed from the failed bank/building society, your savings may be used to repay your debt, before any remaining balance is compensated. Deposits held by companies, partnerships and charities are covered up to a maximum of £20,000 per bank/building society.
NatWest International Savings Builder Account

AER

5.38%

Account Type
Offshore Variable

Notice / Term
None

Interest Paid
Monthly

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 5.25% paid at £1, 2.40% paid at £10001 on portion of balance

AER 5.38% paid at £1, 2.43% paid at £10001 on portion of balance

Interest Paid Monthly

Interest payment Interest can be paid away or compounded

Min Opening Amount £0

Max Investment £0

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
Withdrawal during month which results in balance not increasing by £50 will result in 2.20% interest being paid for that month.

Further Additions Allowed

Information

Min Age 16

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Gibraltar residents (that are existing customers), Isle of Man residents, Linked Product (Non-Funded): Must have or open a new current account with provider and/or UK residents

Additional Information

Regular Savings account. 2.20% paid in months where balance does not grow by £50.

How safe is your money?

In the Isle of Man, Jersey and Guernsey, the first £50,000 per person, per bank/building society, is protected. In Jersey and Guernsey, deposits held by charities are also covered but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
In the Isle of Man and Guernsey, if you have also borrowed from the failed bank/building society, your savings may be used to repay your debt, before any remaining balance is compensated.
In Jersey, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this.
Standard Bank International Saver 396 Account

AER

5.00%

Account Type
Offshore Variable

Notice / Term
396 Day

Interest Paid
Yearly

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 5.00% paid at £10K

AER 5.00% paid at £10K

Interest Paid Yearly

Interest payment Interest must be compounded

Min Opening Amount £10,000

Max Investment £3,000,000

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
No third party withdrawals.

Further Additions Allowed

Information

Min Age 18

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Expatriate and/or Isle of Man residents

Additional Information

N/A

How safe is your money?

In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
Under the Jersey scheme, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. In the Isle of Man, your savings may be used to repay your debt, before any remaining balance is compensated.
Standard Bank International Saver 196 Account

AER

4.90%

Account Type
Offshore Variable

Notice / Term
196 Day

Interest Paid
Yearly

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 4.90% paid at £10K

AER 4.90% paid at £10K

Interest Paid Yearly

Interest payment Interest must be compounded

Min Opening Amount £10,000

Max Investment £3,000,000

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
No third party withdrawals.

Further Additions Allowed

Information

Min Age 18

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Expatriate and/or Isle of Man residents

Additional Information

N/A

How safe is your money?

In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
Under the Jersey scheme, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. In the Isle of Man, your savings may be used to repay your debt, before any remaining balance is compensated.
HSBC Fixed Rate Saver

AER

4.85%

Account Type
Offshore Fixed

Notice / Term
6 Month Bond

Interest Paid
Monthly

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 4.85% paid at £2K, 4.90% paid at £50K, 4.95% paid at £250K

AER 4.85% paid at £2K, 4.90% paid at £50K, 4.95% paid at £250K

Interest Paid Monthly

Interest payment Interest must be paid away

Min Opening Amount £2,000

Max Investment £0

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
Earlier access on closure only subject to 90 day loss of interest if balance is less than £50K. No earlier access if balance is over £50K.

Further Additions Allowed

Information

Min Age 7

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Existing Customers (Must have an HSBC current account or savings account (excluding an ISA, Regular Savings Account or Basic Bank Account) which must be maintained for duration of fixed term.) and/or Isle of Man residents

Additional Information

N/A

How safe is your money?

In the UK, the first £85,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. The deposits of most businesses are covered up to the £85,000 limit, but businesses should check with their bank before they apply as there are exclusions.
This bank/building society shares its compensation limit with
first direct.
In the Isle of Man, Jersey and Guernsey, the first £50,000 per person, per bank/building society, is protected. In Jersey and Guernsey, deposits held by charities are also covered but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
In the UK and Jersey, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this.
In the Isle of Man and Guernsey if you have also borrowed from the failed bank/building society, your savings may be used to repay your debt, before any remaining balance is compensated.
HSBC Fixed Rate Saver

AER

4.85%

Account Type
Offshore Fixed

Notice / Term
6 Month Bond

Interest Paid
On Maturity

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 4.85% paid at £2K, 4.90% paid at £50K, 4.95% paid at £250K

AER 4.85% paid at £2K, 4.90% paid at £50K, 4.95% paid at £250K

Interest Paid On Maturity

Interest payment Interest must be paid away

Min Opening Amount £2,000

Max Investment £0

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
Earlier access on closure only subject to 90 day loss of interest if balance is less than £50K. No earlier access if balance is over £50K.

Further Additions Allowed

Information

Min Age 7

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Existing Customers (Must have an HSBC current account or savings account (excluding an ISA, Regular Savings Account or Basic Bank Account) which must be maintained for duration of fixed term.) and/or Isle of Man residents

Additional Information

N/A

How safe is your money?

In the UK, the first £85,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. The deposits of most businesses are covered up to the £85,000 limit, but businesses should check with their bank before they apply as there are exclusions.
This bank/building society shares its compensation limit with
first direct.
In the Isle of Man, Jersey and Guernsey, the first £50,000 per person, per bank/building society, is protected. In Jersey and Guernsey, deposits held by charities are also covered but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
In the UK and Jersey, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this.
In the Isle of Man and Guernsey if you have also borrowed from the failed bank/building society, your savings may be used to repay your debt, before any remaining balance is compensated.
Standard Bank International Saver 96 Account

AER

4.80%

Account Type
Offshore Variable

Notice / Term
96 Day

Interest Paid
Yearly

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 4.80% paid at £10K

AER 4.80% paid at £10K

Interest Paid Yearly

Interest payment Interest must be compounded

Min Opening Amount £10,000

Max Investment £3,000,000

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
No third party withdrawals.

Further Additions Allowed

Information

Min Age 18

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Expatriate and/or Isle of Man residents

Additional Information

N/A

How safe is your money?

In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
Under the Jersey scheme, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. In the Isle of Man, your savings may be used to repay your debt, before any remaining balance is compensated.
Standard Bank 18 Month Fixed Rate Bond Issue 2

AER

4.65%

Account Type
Offshore Fixed

Notice / Term
18 Month Bond

Interest Paid
On Maturity

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 4.65% paid at £10K, 4.70% paid at £500K

AER 4.65% paid at £10K, 4.70% paid at £500K

Interest Paid On Maturity

Interest payment Interest can be paid away or compounded

Min Opening Amount £10,000

Max Investment £0

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
N/A

Further Additions Allowed

Information

Min Age 18

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Expatriate, Isle of Man residents and/or Linked Product (Non-Funded): Must have or open current account with provider for transactional purposes

Additional Information

N/A

How safe is your money?

In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
Under the Jersey scheme, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. In the Isle of Man, your savings may be used to repay your debt, before any remaining balance is compensated.
Standard Bank International Saver 36 Account

AER

4.60%

Account Type
Offshore Variable

Notice / Term
36 Day

Interest Paid
Yearly

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 4.60% paid at £10K

AER 4.60% paid at £10K

Interest Paid Yearly

Interest payment Interest must be compounded

Min Opening Amount £10,000

Max Investment £3,000,000

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
No third party withdrawals.

Further Additions Allowed

Information

Min Age 18

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Expatriate and/or Isle of Man residents

Additional Information

N/A

How safe is your money?

In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
Under the Jersey scheme, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. In the Isle of Man, your savings may be used to repay your debt, before any remaining balance is compensated.
Standard Bank Fixed Term Deposit Account

AER

4.60%

Account Type
Offshore Fixed

Notice / Term
12 Month Bond

Interest Paid
On Maturity

Opening Account

Managing Account

Rates

Access

Information

Opening Criteria

Additional Information

Rates

Rate 4.60% paid at £10K, 4.65% paid at £500K, 4.75% paid at £1M

AER 4.60% paid at £10K, 4.65% paid at £500K, 4.75% paid at £1M

Interest Paid On Maturity

Interest payment Interest can be paid away or compounded

Min Opening Amount £10,000

Max Investment £0

Introductory bonus N/A

Access

Withdrawals Allowed

Early Access Allowed

Access Note
N/A

Further Additions Allowed

Information

Min Age 18

Max Age 0

Taxation
N/A

Opening Criteria

Channel Island residents, Expatriate and/or Isle of Man residents

Additional Information

N/A

How safe is your money?

In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
Under the Jersey scheme, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. In the Isle of Man, your savings may be used to repay your debt, before any remaining balance is compensated.

Note

Eligible deposits with offshore banks are protected by a relevant compensation scheme. Read our or FSCS guide that explains more.

Disclaimer

All rates subject to change without notice. Please check all rates and terms before investing or borrowing.

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Offshore savings accounts explained

At a glance

An offshore savings account is held outside of the UK, allowing you to save as an expat and/or in different currencies as a UK resident
Anyone with the right deposit and residency or citizenship requirement can open such an account
Tax will still need to be paid on these accounts and there will be different depositor protection schemes to take into account, so do your research before committing to offshore savings.

The main selling point of offshore savings accounts is that you don’t need to be a UK resident to have one, as well as being able to choose which currency you’d like to save in. However, the rates tend to be lower than on ‘normal’ savings accounts, so for anyone resident in the UK who isn’t planning to leave anytime soon and doesn’t have frequent business dealings overseas, there’s not much incentive to open one of these accounts.

That said, if you’d like to have some cash savings in Euros or US dollars, there are several offshore accounts that can offer this. As with UK-based savings accounts, you have a choice between easy access, giving some notice or putting the funds aside in a fixed rate bond.

What is an offshore savings account?

An offshore savings account is, simply put, a savings account that is based outside the UK but usually still open to UK residents or expats. These accounts may be suitable for Brits living abroad or frequently travelling across different countries and currencies.

Who can open an offshore savings account?

You don’t need a lot of money to open an offshore savings account. You do, however, need to adhere to either a British citizenship requirement (for expat accounts) or specific resident requirement, with some accounts open to Isle of Man, Channel Island and Gibraltar residents, or even UK residents.

While most of these accounts will ask for a minimum deposit of £5,000 or £10,000, there are some that can be opened with just a single pound. Again, whether such an account would be worth opening over a regular ‘onshore’ savings account would depend on your residency status and needs. Always compare offshore savings accounts with onshore equivalents as well as each other to help ensure you’re making the best possible choice.

How to open an offshore account

As with any savings account, different providers will offer different means of opening and operating their accounts. Some of the offshore providers are subsidiaries of the bigger UK banks and building societies, and these will likely have more account management options. You won’t need to book a trip abroad to open such an account, with many accounts being able to be opened by post, telephone or online.

While the opening requirements will differ between providers, they will all ask for proof of identity and proof of address, and will require you to be at least 18 years old. Some will have additional requirements, such as asking you to prove that you can afford to keep the account funded, although these kinds of requirements are more common with offshore bank accounts for everyday use (which tend to come with large fees).

Do you pay tax on offshore savings?

Unlike what you might think based on the news, the money in offshore savings accounts is not tax-free. For UK tax purposes, the same personal savings allowance is applied to any savings held in an offshore account, which means that basic rate taxpayers can earn the first £1,000 in savings interest per year without having to worry about taxation.

Anything above this will need to be declared through a self-assessment form with HMRC as income. While this means you would then have to pay some tax, there could be a welcome delay – depending on when you open an account and when the tax year ends – that allows you to add some more savings interest before taxation gets applied.

Remember that you may have to pay tax in the country you are residing in as well, so make sure you have everything sorted out fair and square – you don’t want to get into trouble with any government or pay double tax when you don’t need to. Given the numbers likely involved in all of this, you may even want to get professional advice so you can be sure you’re always declaring and paying the right amount for taxation.

Are offshore savings protected?

Offshore providers are not covered by the UK’s Financial Services Compensation Scheme which protects £85,000 of your savings per banking institution no matter what happens. However, there will be comparable compensation schemes, such as the Isle of Man’s Depositors’ Compensation Scheme, which protects up to £50,000 per individual depositor. Check with the provider as to whether you will be protected by an alternative deposit protection scheme, depending on where the bank is located.

Pros and cons of offshore savings

Beneficial to expats who can’t find a better savings deal in their new country of residence
You can pay various currencies into these accounts and have the account in the currency of your choice (pound, Euro or US dollar)
You may be able to get a better return if you save in the strongest currency as well as the best available account, depending on currency fluctuations and conversions
The best offshore savings account providers will have a dedicated team of experts who should be able to help you with your international investment queries.

Offshore savings account interest rates are generally lower than onshore rates – always check the up-to-date chart to see how rates are doing whenever you are looking for one
Most offshore savings accounts will have high deposit requirements
They take a bit more hands-on work to make sure you are declaring all your savings income for tax purposes
Less of your money may be protected compared to onshore savings accounts.

Ashley Seager

Digital Marketing Manager

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Best Offshore Savings Accounts

We found 41 products

Compare Offshore Savings Accounts

Rates

Access

Access Note

Information

Taxation

Opening Criteria

Additional Information

How safe is your money?

Rates

Access

Access Note

Information

Taxation

Opening Criteria

Additional Information

How safe is your money?

Rates

Access

Access Note

Information

Taxation

Opening Criteria

Additional Information

How safe is your money?

Rates

Access

Access Note

Information

Taxation

Opening Criteria

Additional Information

How safe is your money?

Rates

Access

Access Note

Information

Taxation