Expats looking for the best offshore fixed term savings rates have picked up a boost from Isle of Man’s Conister Bank.
The bank has boosted rates across the board by up to 0.75% to give the leading savings account over a year, two years, three years and five year fixed terms.
The deals are open to new and old customers and have no early withdrawal penalties.
Expats must make a minimum deposit of £5,000 and can put up to £1 million in cash in their account.
Leading offshore fixed rates
That makes the leading rates for fixed term offshore savings:
- 75% over five years
- 75% over three years
- 25% over two years
- 00% over one year
Conister’s five-year bond pays a full 1% more than the nearest rival – Skipton International which offers savers 2.75% for a minimum £10,000 deposit.
Over three years, Conister heads the Nationwide by 0.45%, while over two years, the rate is 0.22% in front of the Permanent’s 2.03%
Ireland’s Permanent Bank has also upped the interest paid on a one year bond from 1.99% to 2.00%, asking for a minimum £20,000 deposit.
A new entry to the top 20 rates table is Nationwide’s six-month bond paying 1.36% for a minimum £5,000 deposit.
| 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 |
| Conister Bank | 2.25% | 2 Year Bond | £5,000 |
| 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 | 2.00% | 18 Month Bond | £20,000 |
| Conister Bank | 2.00% | 1 Year Bond | £5,000 |
| Permanent Bank | 1.84% | 15 Month Bond | £20,000 |
| Leeds Building Society | 1.50% | 1 Year Bond | £1,000 |
| Newcastle Building Society | 1.50% | January 22, 2016 | £500 |
| Permanent Bank | 1.50% | 1 Year Bond | £20,000 |
| Santander | 1.50% | 2 Year Bond | £200,000 |
| Nationwide | 1.45% | 1 Year Bond | £5,000 |
| Newcastle Building Society | 1.40% | January 22, 2015 | £500 |
| Nationwide | 1.36% | 6 Month Bond | £5,000 |
| Offshore Fixed Term Savings Accounts - by deposit amount | |||
| Provider | AER | Term | Deposit |
| Newcastle Building Society | 1.50% | January 22, 2016 | £500 |
| Newcastle Building Society | 1.40% | January 22, 2015 | £500 |
| Leeds Building Society | 1.50% | 1 Year Bond | £1,000 |
| 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 | 2.25% | 2 Year Bond | £5,000 |
| Conister Bank | 2.00% | 1 Year Bond | £5,000 |
| Nationwide | 1.45% | 1 Year Bond | £5,000 |
| Nationwide | 1.36% | 6 Month 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 | 2.00% | 18 Month Bond | £20,000 |
| Permanent Bank | 1.84% | 15 Month Bond | £20,000 |
| Permanent Bank | 1.50% | 1 Year Bond | £20,000 |
| Santander | 2.05% | 3 Year Bond | £200,000 |
| Santander | 1.50% | 2 Year Bond | £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.
