Offshore Savings - Fixed Rate Bonds |

Best Buy – Fixed Rate Offshore Savings Accounts

  - Compare offshore savings accounts that pay a fixed interest rate on money you will not need access to for a certain period .
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Compare the Best Fixed Rate Offshore Accounts

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15.04.20 £10000 Details...  

15.10.19 £10000 Details...  

24 Month Bond £50000 Details...  

2 Year Bond £10000 Details...  

12 Month Bond £50000 Details...  

1 Year Bond £100000 Details...  

6 Month Bond £50000 Details...  

3 Month Bond £50000 Details...  

6 Month Bond £10000 Details...  

3 Month Bond £100000 Details... Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to open an account today. Products shown with a yellow background are sponsored products.

All rates subject to change without notice. Please check all rates and terms before investing or borrowing.
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What are fixed rate offshore savings accounts? 

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. 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.

warning signFunds 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.

Depositor protection schemes in crown dependencies

100% of the total of all qualifying deposits up to a maximum of €100,000 via the Gibraltar Deposit Guarantee Scheme.

First £50,000 per individual claimant per licensed institution via the Guernsey Banking Deposit Compensation Scheme.

Isle of Man
Isle of Man

Depositors' compensation scheme (DCS) that compensates up to £50,000 of net deposits per individual depositor.
Depositor's Protection Scheme. Individual depositors are protected up to £50,000 per person per Jersey Banking Group.

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

Offshore versus ‘onshore’ accounts

Accounts that are based in the UK, i.e. onshore accounts, have the benefit of all falling under the same UK depositor protection scheme (the FSCS), which protects up to £85,000 in savings with one provider (or group of providers). However, that also means they are subject to UK regulations. In contrast, offshore accounts are subject to the regulations in the country they are held, which can have tax benefits. Specifically, if you are taking an income from your savings, you may be able to pay less or no income tax depending on the account you choose and the country it’s in. However, in recent years the UK HMRC has been cracking down on overseas accounts to ensure all tax payable by savers is received. This helps to explain why the number of offshore savers providers has reduced. You would also be subject to the other country’s depositor protection scheme, which as you can see above is not always as generous as the UK’s scheme.

Note: you would still be liable to pay UK taxes if you retrieve your offshore funds and place them (back) into a UK-based account.

Due to the complicated taxation considerations, it is a good idea to consult an adviser before putting your savings into an offshore bond. Without professional help, it can be difficult to know exactly what you should be reporting and to whom, and how much tax you really need to pay where. Aside from taxation and protection, offshore and onshore accounts are quite similar, so if you don’t have a huge sum of money and/or are planning to remain in the UK, a regular fixed rate bond might be enough.

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