An offshore savings account is, simply put, a savings account that is based outside the UK but usually still open to UK residents or expats. These accounts may be suitable for Brits living abroad or frequently travelling across different countries and currencies.
Their main selling point is that you don’t need to be a UK resident to have one, as well as being able to choose which currency you’d like to save in. However, the rates tend to be lower than on ‘normal’ savings accounts, so for anyone resident in the UK who isn’t planning to leave anytime soon and doesn’t have frequent business dealings overseas, there’s not much incentive to open one of these accounts.
That said, if you’d like to have some cash savings in Euros or US dollars, there are several offshore accounts that can offer this. As with UK-based savings accounts, you have a choice between easy access, giving some notice or putting the funds aside in a fixed rate bond.