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Offshore notice accounts require you to tell the bank in advance of making a withdrawal. In return the offshore bank may offer a higher rate of interest than you would get on an easy access savings account.
The length of notice you need to give to access your savings will depend on your specific account. If you can’t wait the length of the notice period to access your money, you may be able to get at it earlier by paying an interest-based penalty.
Offshore savings accounts tend to pay higher interest rates the more money you can put into them, with the majority of the best buys needing a minimum investment of £5,000 to open an account.
Moneyfacts.co.uk best buy notice period offshore accounts are denominated in sterling. You can find the best accounts denominated in euros or US dollars by viewing our euro and US dollar best buys, or by using our search.
Money held offshore doesn't fall under the UK Financial Services Compensation Scheme, even if your bank is a subsidiary of a UK bank or building society. However, depending on where the offshore bank is you might be protected by that jurisdiction's depositor protection scheme.
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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