Isle of Man based Conister Bank has hitched up offshore savings rates by 0.5% across a range of accounts.
The bank is now offering the best five, three and two year offshore rates for expat savers.
At 3%, the five year rate is just above Skipton International’s 2.75%, but asks a minimum £5,000 deposit against Skipton’s £10,000.
Lloyds Bank 12 month offshore rate has also been hiked – by 0.35% to 1.1% for a minimum £10,000 deposit.
Permanent Bank has upped the 18 month fixed rate by 0.15% to 1.99% for a £20,000 deposit, just shy of the same bank’s two-year fix of 2.03% and Conister’s 2% 24 month rate.
For the rest, rates stay the same.
Don’t forget the headline rates are net – so income tax must be deducted, while inflation also takes a bite out of spending power.
Meanwhile Britannia International is urging savers to withdraw their cash free of charge and has waived early exit penalties as the offshore business is wound down as part of owner Co-Operative’s move onshore.
Account holders have received letters from the bank asking for their transfer instructions as soon as possible.
| Offshore Fixed Term Savings Accounts - by interest rate | |||
|---|---|---|---|
| Provider | AER | Term | Deposit |
| Conister Bank | 3.00% | 5 Year Bond | £5,000 |
| Conister Bank | 2.50% | 3 Year Bond | £5,000 |
| Conister Bank | 2.00% | 2 Year Bond | £5,000 |
| Conister Bank | 1.75% | 1 Year Bond | £5,000 |
| Investec Bank Offshore | 1.30% | 1 Year Bond | £50,000 |
| Leeds Building Society | 1.50% | August 31, 2015 | £1,000 |
| Lloyds Bank | 1.10% | 1 Year Bond | £10,000 |
| Nationwide | 1.80% | 1 Year Bond | £5,000 |
| Newcastle Building Society | 1.50% | January 22, 2016 | £500 |
| Newcastle Building Society | 1.40% | January 22, 2015 | £500 |
| 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 |
| Santander | 2.05% | 3 Year Bond | £500 |
| Santander | 1.50% | 2 Year Bond | £500 |
| Skipton International | 2.75% | 5 year Bond | £10,000 |
| Skipton International | 2.25% | 3 Year Bond | £10,000 |
| 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 |
| Santander | 2.05% | 3 Year Bond | £500 |
| Santander | 1.50% | 2 Year Bond | £500 |
| Leeds Building Society | 1.50% | August 31, 2015 | £1,000 |
| Conister Bank | 3.00% | 5 Year Bond | £5,000 |
| Conister Bank | 2.50% | 3 Year Bond | £5,000 |
| Conister Bank | 2.00% | 2 Year Bond | £5,000 |
| Nationwide | 1.80% | 1 Year Bond | £5,000 |
| Conister Bank | 1.75% | 1 Year Bond | £5,000 |
| Lloyds Bank | 1.10% | 1 Year Bond | £10,000 |
| 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 |
| Investec Bank Offshore | 1.30% | 1 Year Bond | £50,000 |
| 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.
