Failing to keep an eye on offshore savings accounts can cost expats money.
Banks and building societies open and close savings accounts regularly and without notice – and one of the big bugbears for expats is they do not tell you when so you can shift your cash to a better paying account.
If an account is closed, some keep paying interest at the original advertised rates, some pay at a lesser rate and others pay nothing.
The most common reasons for closing accounts are new customers are piling in too much cash or the opposite, better rates are available elsewhere and few customers are investing.
Tracking offshore savings accounts is almost impossible.
Best buy tricks
Many popular media and comparison web sites only include ‘best buys’ that pay them for advertising and few offer a broad, whole-of-the-market comparison.
The tables below are not paid for by the featured banks or building societies and are updated weekly.
The first table offers the top 20 rates available to offshore fixed rate savers.
The second table is based on the same bank and building society information, but sorted to show which institutions accept the lowest minimum deposits.
The only change in rates is the NatWest two-year bond at 1.35% has knocked the Conister Bank one year bond at 1% out of the top 20.
| Offshore Fixed Term Savings Accounts - by interest rate | |||
|---|---|---|---|
| Provider | AER | Term | Deposit |
| Conister Bank | 3.75% | 5 Year Bond | £5,000 |
| Skipton International | 2.75% | 5 year Bond | £10,000 |
| Conister Bank | 2.75% | 3 Year Bond | £5,000 |
| Nationwide | 2.30% | 3 Year Bond | £5,000 |
| Skipton International | 2.25% | 3 Year Bond | £10,000 |
| Permanent Bank | 2.11% | 5 Year Bond | £20,000 |
| Permanent Bank | 2.06% | 3 Year Bond | £20,000 |
| Santander | 2.05% | 3 Year Bond | £200,000 |
| Permanent Bank | 2.03% | 2 Year Bond | £20,000 |
| Permanent Bank | 1.99% | 18 Month Bond | £20,000 |
| Newcastle Building Society | 1.85% | 2 Year Bond | £500 |
| Permanent Bank | 1.84% | 15 Month Bond | £20,000 |
| Conister Bank | 1.50% | 2 Year Bond | £5,000 |
| Leeds Building Society | 1.50% | 1 Year Bond | £100 |
| Permanent Bank | 1.50% | 1 Year Bond | £20,000 |
| Santander | 1.50% | October 1, 2016 | £200,000 |
| Newcastle Building Society | 1.50% | September 23, 2015 | £500 |
| Nationwide | 1.45% | 1 Year Bond | £50,000 |
| Nationwide | 1.36% | 6 Month Bond | £50,000 |
| NatWest | 1.35% | 2 Year Bond | £5,000 |
| Offshore Fixed Term Savings Accounts - by deposit amount | |||
| Provider | AER | Term | Deposit |
| Leeds Building Society | 1.50% | 1 Year Bond | £100 |
| Newcastle Building Society | 1.85% | 2 Year Bond | £500 |
| Newcastle Building Society | 1.50% | September 23, 2015 | £500 |
| Conister Bank | 3.75% | 5 Year Bond | £5,000 |
| Conister Bank | 2.75% | 3 Year Bond | £5,000 |
| Nationwide | 2.30% | 3 Year Bond | £5,000 |
| Conister Bank | 1.50% | 2 Year Bond | £5,000 |
| NatWest | 1.35% | 2 Year Bond | £5,000 |
| Skipton International | 2.75% | 5 year Bond | £10,000 |
| Skipton International | 2.25% | 3 Year Bond | £10,000 |
| Permanent Bank | 2.11% | 5 Year Bond | £20,000 |
| Permanent Bank | 2.06% | 3 Year Bond | £20,000 |
| Permanent Bank | 2.03% | 2 Year Bond | £20,000 |
| Permanent Bank | 1.99% | 18 Month Bond | £20,000 |
| Permanent Bank | 1.84% | 15 Month Bond | £20,000 |
| Permanent Bank | 1.50% | 1 Year Bond | £20,000 |
| Nationwide | 1.45% | 1 Year Bond | £50,000 |
| Nationwide | 1.36% | 6 Month Bond | £50,000 |
| Santander | 2.05% | 3 Year Bond | £200,000 |
| Santander | 1.50% | October 1, 2016 | £200,000 |
| This list covers most major providers but is not exhaustive. Account rates and minimum deposits are likely to change or be withdrawn at short notice. Some minimum deposits are 'open with' amounts and are scaled up to the headline rates with a bonus or increased deposit amount. | |||
Offshore savings providers
Here’s a list of 10 of the leading offshore savings providers with links to their web sites:
- Conister Bank – Private personal and commercial banking from the Isle of Man
- Investec – Offers international banking services, including savings and investments from the Channel Islands
- Leeds Building Society – Gibraltar branch of the UK based building society serving expats
- Lloyds Bank International – Channel Islands and Isle of Man personal banking for expats
- NatWest Bank – Offshore saving rates from branches in Gibraltar, the Isle of Man and Channel Islands
- Nationwide Building Society – The international service of the popular UK building society
- Newcastle Building Society – Expat saving and banking services from Gibraltar
- Permanent Bank – Isle of Man branch of an Irish-based bank
- Santander – Isle of Man branch of this international bank with a UK high street presence
- Skipton International – Channel Islands branch for expats of the UK building society
Other offshore financial institutions are available and will be added to the list when they issue new products for expat savers.
