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Offshore current accounts are for expats or UK residents who would like to bank in a different currency to GBP Sterling.  If you would like more information about offshore bank accounts read our guide below.

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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
Managing Account
Rates
Access
Information
Opening Restrictions
Additional Information

Rates

Rate 0.50% paid at £1, 0.75% paid at £75K
AER 0.50% paid at £1, 0.75% paid at £75K
Interest Paid Quarterly
Interest payment Interest must be compounded
Min Opening Amount £0
Max Investment £3,000,000
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
Managing Account
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
Managing Account
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
Nedbank Private Wealth Logo
Nedbank Private Wealth Accumulation Account Depositor Protection logo
Depositor Protection logo
AER
0.00%
Account Type
Offshore Current
Notice / Term
Instant
Interest Paid
On Closure
Opening Account
Managing Account
Rates
Access
Information
Opening Restrictions
Additional Information

Rates

Rate 0.00% paid at £5K
AER 0.00% paid at £5K
Interest Paid On Closure
Interest payment Interest paid on closure
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

Expatriate

Additional Information

N/A
Barclays Wealth and Investment Management Logo
Barclays Wealth and Investment Management International Bank Account Depositor Protection logo
Depositor Protection logo
AER
0.00%
Account Type
Offshore Current
Notice / Term
Instant
Interest Paid
Quarterly
Opening Account
Managing Account
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
Managing Account
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 £60K 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
Managing Account
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
Managing Account
Rates
Access
Information
Opening Restrictions
Additional Information

Rates

Rate 0.00% paid at £1, 0.15% paid at £75K
AER 0.00% paid at £1, 0.15% paid at £75K
Interest Paid Quarterly
Interest payment Interest must be compounded
Min Opening Amount £0
Max Investment £3,000,000
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
Managing Account
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
Managing Account
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
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.

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Offshore current accounts

Derin Clark

Derin Clark

Online Reporter
Published: 13/02/2019

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.

What is an offshore account?

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.

Offshore banks 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.  

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.

person hiking at sunset

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.

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