Savers had some cheer this week despite the Bank of England pegging rates at the record low of 0.5% yet again and the European Central Bank setting a -0.01% interest rate for savers.
Several offshore banks feel confident enough about the general economy to have increased their rates this week.
Permanent Bank raised saving rates across several accounts.
Santander also introduced new, higher rates from Santander Isle of Man.
Offshore savings for expats – June 6, 2014
| Provider | AER | Term | Deposit |
|---|---|---|---|
| Skipton International | 2.75% | May 31, 2019 | £10,000 |
| Conister Bank | 2.50% | July 31, 2019 | £5,000 |
| Skipton International | 2.25% | July 31, 2017 | £10,000 |
| Permanent Bank | 2.20% | 5 Year Bond | £20,000 |
| Permanent Bank | 2.10% | 3 Year Bond | £20,000 |
| Permanent Bank | 2.05% | 2 Year Bond | £20,000 |
| Permanent Bank | 2.00% | 15 Month Bond | £20,000 |
| Santander | 2.00% | July 1, 2017 | £500 |
| Nationwide | 1.80% | 3 Year Bond | £50,000 |
| Leeds Building Society | 1.75% | 2 Year Bond | £100 |
| Santander | 1.60% | July 1, 2016 | £5,000 |
| 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 |
| Conister Bank | 1.30% | 3 Year Bond | £5,000 |
| Investec Bank Offshore | 1.30% | June 6, 2015 | £50,000 |
| Lloyds Bank International | 1.10% | 1 Year Bond | £10,000 |
| Natwest | 0.75% | June 6, 2015 | £500 |
| 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 Account rates and minimum deposits are likely to change or be withdrawn at short notice | |||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.
