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A euro savings account is simply an account that lets you pay in and earn interest in euros. These currency accounts are available from some UK banks and building societies, but are also available from offshore banks too.
The distinct advantage of having a savings account denominated in euros is that if it’s the currency your income is in; you don’t have to face foreign conversion charges, not to mention losing out if the exchange rate isn’t favourable.
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.
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