Offshore Current Account Comparison | moneyfacts.co.uk

What is an offshore current account?

An offshore current account provides a lot of the functionality you would expect from an ordinary current account: you will probably be offered a debit card and you can make and receive payments. However, offshore current accounts differ in that the funds are held offshore and are often operated in a different currency – for example, your offshore current account could be a euro bank account or a US dollar bank account.

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:

  • 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 Criteria
    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 Criteria

    Channel Island residents, Expatriate, 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
    Not 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 Criteria
    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 Criteria

    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 Criteria
    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 Criteria

    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 Criteria
    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 Criteria

    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 Criteria
    Additional Information

    Rates

    Rate 0.00% paid at £1, 0.50% paid at £1M
    AER 0.00% paid at £1, 0.50% 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 Criteria

    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 Criteria
    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 Criteria

    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 Criteria
    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 Criteria

    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
  • Santander International Logo
    Santander International Island 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 Criteria
    Additional Information

    Rates

    Rate 0.00% paid at £1, 0.25% paid at £75K, 0.50% paid at £1M
    AER 0.00% paid at £1, 0.25% paid at £75K, 0.50% 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 Criteria

    Channel Island residents and/or Isle of Man residents

    Additional Information

    N/A
Note

Eligible deposits with offshore banks are protected by a relevant compensation scheme. More information is available at: https://moneyfacts.co.uk/savings-accounts/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.

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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.

The frequent handling of a currency that is different from UK Sterling is one of the primary reasons why people use offshore current accounts. The ability to deal in euros, dollars or another currency, means that the account holder can make and receive payments easily and quickly in that currency, whereas paying in a currency that differs from pounds and pence in an ordinary UK current account will likely attract both fees and potential losses from volatile exchange rates.

Who offers offshore current accounts?

Offshore banking facilities are offered by many of the largest UK banks and some more specialist providers. 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 implications of offshore savings accounts

Please note, 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.

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

Will my funds be protected?

Offshore accounts tend to have quite restrictive eligibility criteria and customers should be extremely careful as to where the account will be held due to the differences in depositor protection limits. For accounts here in the UK, your monies are covered to the sum of £85,000 per person per provider under the Financial Services Compensation Scheme, should your bank or building society fail. However, accounts in the Channel Islands and the Isle of Man have a sum of only £50,000 covered. Accounts held in other countries will be subject to – which can be a lot less than the UK standards.

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!

Compare Offshore Bank Accounts

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