What is an offshore current account?

Offshore bank accounts are geared towards expats and UK residents who find it useful to have an account in another currency. This may be because you are paid in a currency other than sterling and want to limit the risk of a fluctuating exchange rate.

Select from the filters to refine your results and find what you are looking for Show
Select from the filters to refine your results and find what you are looking for:

  • Santander International Logo
    Santander International Island Gold Bank Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.50%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Quarterly
    Opening Account
    Not Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.50% paid at £1, 0.75% paid at £75K, 1.00% paid at £1M
    AER 0.50% paid at £1, 0.75% paid at £75K, 1.00% paid at £1M
    Interest Paid Quarterly
    Interest payment Interest must be compounded
    Min Opening Amount £0
    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 Restrictions

    Channel Island residents and/or Isle of Man residents

    Additional Information

    N/A
  • Isle of Man Bank Logo
    Isle of Man Bank Gold Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.15%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Not Available Online Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.15% paid at £1
    AER 0.15% paid at £1
    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
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Isle of Man residents

    Additional Information

    N/A
  • NatWest International Logo
    NatWest International Gold Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.15%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Not Available Online Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.15% paid at £1
    AER 0.15% paid at £1
    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
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Channel Island residents, Gibraltar residents, Isle of Man residents and/or UK residents

    Additional Information

    N/A
  • Barclays Bank Logo
    Barclays Bank International Bank Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Quarterly
    Opening Account
    Available Online Not Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1
    AER 0.00% paid at £1
    Interest Paid Quarterly
    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
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Channel Island residents, Expatriate, Gibraltar residents, Have to qualify for International Bank or Private Bank, Isle of Man residents and/or UK residents

    Additional Information

    N/A
  • HSBC Expat Logo
    HSBC Expat Premier Bank Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £5K
    AER 0.00% paid at £5K
    Interest Paid Monthly
    Interest payment Interest must be compounded
    Min Opening Amount £5,000
    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 Restrictions

    Linked Product (Funded): Premier Banking Customers only (criteria of £50K or equivalent to invest)

    Additional Information

    N/A
  • Lloyds Bank International Logo
    Lloyds Bank International Premier International Current Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1
    AER 0.00% paid at £1
    Interest Paid Monthly
    Interest payment Interest must be compounded
    Min Opening Amount £0
    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 Restrictions

    Locational. Customers must meet residency criteria which will be discussed at point of application. and/or Must invest £100K (or currency equivalent) or have a salary of £100K

    Additional Information

    N/A
  • Santander International Logo
    Santander International Gold Bank Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Quarterly
    Opening Account
    Not Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1, 0.15% paid at £75K, 1.00% paid at £1M
    AER 0.00% paid at £1, 0.15% paid at £75K, 1.00% paid at £1M
    Interest Paid Quarterly
    Interest payment Interest must be compounded
    Min Opening Amount £0
    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 Restrictions

    Expatriate, Gibraltar residents and/or UK residents

    Additional Information

    N/A
  • Standard Bank Logo
    Standard Bank Optimum Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Quarterly
    Opening Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £4K
    AER 0.00% paid at £4K
    Interest Paid Quarterly
    Interest payment Interest can be paid away or compounded
    Min Opening Amount £4,000
    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 Restrictions

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

    Additional Information

    N/A
  • Lloyds Bank International Logo
    Lloyds Bank International International Current Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1
    AER 0.00% paid at £1
    Interest Paid Monthly
    Interest payment Interest must be compounded
    Min Opening Amount £0
    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 Restrictions

    Locational. Customers must meet residency criteria which will be discussed at point of application. and/or Must invest £25K (or currency equivalent) or have a salary of at least £50K

    Additional Information

    N/A
  • Royal Bank of Canada (CI) Logo
    Royal Bank of Canada (CI) Executive Plus Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1
    AER 0.00% paid at £1
    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
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

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

    Additional Information

    N/A
Note

Eligible deposits with offshore banks are protected by a relevant compensation scheme. More information is available at: https://alpha.moneyfacts.co.uk/savings-and-isas/guides/depositor-protection-schemes-what-would-happen-if-a-bank-goes-bust/

Disclaimer

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

Quick Links

Quick links are where we have an arrangement with a provider so you can move directly from our site to theirs to view more information and apply for a product. We also use quick links where we have an arrangement with a preferred broker to move you directly to their site. Depending on the arrangement we may receive a modest commission either when you press a 'Go to Provider' or 'Speak to an Adviser' button, when you call an advertised number or when you complete an application.

How Moneyfacts works

  • blue money scales

    BALANCED. Moneyfacts.co.uk is entirely independent and authorised by the Financial Conduct Authority for mortgage, credit and insurance products.

  • free label

    FREE. There is no cost to you. Our service is entirely free and you don't need to share any personal data to access our comparison tables.

  • drawing of pound sign and arrow

    TRANSPARENT. We only receive payment from product providers and intermediaries for quick/direct links and adverts through to their websites.

  • blue binoculars

    COMPREHENSIVE. We research the whole market and scour the small print so you can find the best products for your needs.

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Please send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Still not sure?

Read All Banking Guides
guide icon
Things your bank will never ask you to do

These are the things your bank will never ask you for or to do.

Read More
guide icon
What is the EAR overdraft rate?

This guide explains what an EAR overdraft rate is.

Read More
guide icon
Current accounts as savings vehicles

Our guide to using current accounts as savings vehicles.

Read More
guide icon
Can you open an account without proof of address?

Our guide to opening an account without proof of address.

Read More

Ask us anything

Ask us anything

Offshore current accounts explained

Derin Clark

Derin Clark

Online Reporter

At a glance

  • Offshore current accounts are aimed at expats and UK residents who want to bank in a different currency.
  • The features offered are usually the same, but there may be a fee and higher deposit requirements.
  • An offshore account does not make it possible to avoid paying tax.
  • While money held in an offshore account won’t be protected by the Financial Services Compensation Scheme, it should still be covered by a scheme from the jurisdiction where it is based.

Offshore banking facilities are offered by many 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.

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:

  • charge a fee
  • may require a larger deposit than an onshore account
  • require that you earn a minimum amount.

Tax

Importantly, it is not possible to avoid paying tax by banking offshore.

As with standard savings accounts, interest earned on offshore accounts is paid without any tax deducted. While the Personal Savings Allowance means basic-rate taxpayers have no tax to pay on the first £1,000 of interest, and higher-rate taxpayers will have no tax to pay on the first £500, interest earned above these thresholds will still be taxable, whether it’s from an offshore account or not.

You must declare any savings interest earned to HM Revenue and Customs (HMRC) on a self-assessment tax form and pay tax on it in due course. If you don’t, HMRC are likely to come calling with a considerable fine.

Moneyfacts tip

Moneyfacts tip Derin Clark

Where savvy savers may benefit is by taking advantage of the delay between earning interest and having to pay any tax owed. All the time the interest is held gross in your account, it is earning even more interest on the extra interest!

Will my funds be protected?

Importantly, 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.

Moneyfacts tip

Moneyfacts tip Derin Clark

Find out where an offshore bank is registered, and its relevant compensation scheme, in our depositor protection scheme guide.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy