You are here: Home - Saving & Banking - News -

Offshore options increasing

0
Written by:
16/05/2008

Offshore savings accounts are becoming more accessible to savers with less cash to stash, according to Moneyfacts.

Data from the financial comparison site has revealed some accounts accept minimum deposits of just £1,000 and rates can be just as competitive as onshore accounts. For example, Kaupthing Singer & Friedlander (IOM) offers a no-notice account at a rate of 6.65%, which requires a £1,000 deposit, while Alliance & Leicester International’s no-notice eSaver Offshore pays 6.3% on minimum deposits of £1,000.

Rachel Thrussell, head of savings at Moneyfacts, said investing offshore has become easily accessible to the mainstream public because many of the mainland UK banks now have offshore subsidiaries.

“The European Union Savings Directive, which came into effect in July 2005, means that details of any income received from offshore accounts is passed on to HMRC. However, it has always been possible to defer the payment of interest, which may be of benefit to some.

“Savers also need to be aware that in the unlikely event something goes wrong with the bank that they are investing in, they will be covered by the relevant compensation scheme.

“The amount of cover varies depending on where the company is based, but none are as comprehensive as the Financial Services Compensation Scheme that covers the UK. In fact, there is no depositor protection scheme in either Jersey or Guernsey.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Modern cars confusing Brits

Modern cars are leaving UK motorists confused, with three-quarters admitting they would be unable to repair their car.

Close