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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.
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