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Offshore fixed rate bonds (or savings accounts) may suit you if you have a lump sum to save and don’t require access to the money for a set term. This period could be anything from 1 to 5 years with higher interest rates on offer the longer you are prepared to put your money away.
Whilst fixed bonds tend to offer the best rates of all offshore savings accounts, you must be sure you can do without your savings for the term of the bond. Early access to your money is not generally allowed and, if it is, will normally be subject to an interest penalty. So if you think you could need access before the end of the term, a fixed offshore account is not for you.
Moneyfacts.co.uk best buy fixed rate offshore accounts are denominated in sterling. You can find the best accounts denominated in euros or US dollars by using our offshore savings search.
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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