Interest rates in the UK are due to start rising soon and are likely to see uplift in offshore savings rates for expats.
The Bank of England has signalled the official interest rate will ratchet up slowly from next year.
The average rate is expected to settle at around 3% in 2018 or 2019, says departing deputy governor Charlie Bean.
He explained in a BBC Radio 4 interview that the Bank was keen to see rates rise, but not at a rate that might harm the ability of households and businesses to pay back loans and mortgages.
Offshore savings for expats – May 28, 2015
| Provider | AER | Term | Deposit |
|---|---|---|---|
| Skipton International | 2.75% | May 31, 2019 | £10,000 |
| Conister Bank | 2.50% | May 28, 2019 | £5,000 |
| Permanent Bank | 2.11% | 5 Year Bond | £20,000 |
| Skipton International | 2.10% | May 31, 2017 | £10,000 |
| Permanent Bank | 2.06% | 3 Year Bond | £20,000 |
| Permanent Bank | 2.03% | 2 Year Bond | £20,000 |
| Permanent Bank | 2.00% | 15 Month Bond | £20,000 |
| Leeds Building Society | 2.00% | 3 Year Bond | £10,000 |
| Nationwide | 1.80% | 3 Year Bond | £50,000 |
| Leeds Building Society | 1.75% | 2 Year Bond | £100 |
| Santander | 1.60% | June 1, 2016 | £500 |
| Permanent Bank | 1.50% | 1 Year Bond | £20,000 |
| Leeds Building Society | 1.50% | 1 Year Bond | £100 |
| Newcastle Building Society | 1.50% | 2 Year Bond | £500 |
| Nationwide | 1.45% | 1 Year Bond | £50,000 |
| Newcastle Building Society | 1.40% | January 22, 2015 | £500 |
| Investec Bank Offshore | 1.30% | May 28, 2015 | £50,000 |
| Lloyds Bank International | 1.10% | 1 Year Bond | £10,000 |
| Natwest | 0.75% | May 28, 2015 | £5,000 |
| Santander | 0.75% | May 28, 2015 | £5,000 |
| 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 Account rates and minimum deposits are likely to change or be withdrawn at short notice | |||
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.
