OFFSHORE SAVINGS ACCOUNTS

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Offshore accounts are great for people who live and work abroad as they allow you to deposit money in currencies other than sterling. Many accounts are multi-currency so you are able to deposit money in Euros, Dollars or Sterling. You can also write cheques and take out money in any country. Please note that there is usually a minimum deposit required when you take out an offshore account which can be as much as £10,000. It is important to research the terms of the specific offshore account provider before you decide to put your money in an offshore account as they are not covered by the UK's compensation rules. See below a list of Offshore Account providers for you to compare. Which Way To Pay gives you information on minimum deposit required, currencies offered and main features. Click 'Apply' to go through to the relevant Offshore Account provider and make an application online.

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Why is saving important?

People put money away for any number of reasons. You might want to save for something in specific like a house, car, a holiday or wedding, your children’s future. It could be that you want to put some money way so you are covered should anything unexpected happen like you lose your job or need to pay for emergency home or car repairs.

If you want to put money aside then a savings account is where you can safely put your money, where it will earn interest over time. Savings accounts are bank accounts that people use, first and foremost, for keeping excess money safe. Savings accounts are a really easy way of growing your personal fortune and there is little risk involved.

What is an Offshore Savings Account?

Offshore accounts are suited o those who live and work in another country. This is because these accounts allow you to deposit money in different currencies across the world. Another advantage is that you are able to write cheques and take out many abroad. You will find with these accounts in the eligibility requirements there is often a minimum deposit that is needed before you can take one out. This can be as much as £10,000 which is why these accounts are not suited to everyone.

Finding the right product

As with any financial product it is important that you make sure this is the right option for you. You also need to make sure you take the time to research what’s available on the market. It is important to research the terms of the specific offshore account provider before you decide to put your money in an offshore account as they are not covered by the UK's compensation rules. A great way of finding the right product for you is to compare different products against each other. Before you sign anything make sure you read the small print thoroughly.

How do you maximise the return on your savings?

Always ensure that you get the most suitable offshore savings account for you otherwise you could find that you incur unnecessary fees which could be avoided. Offshore savings accounts specify a time frame which your money cannot be withdrawn so you must ensure you adhere to these rules. You should also check the minimum deposit that is required to open an offshore account. This amount is usually higher than other bank accounts and many also require a minimum balance in the account.

If you are in any doubt over which offshore account is suitable for you, you should seek independent financial advice so you can put your mind at rest. Given the funds that you will hold in your account, it is important to check how these funds will be protected should the bank collapse?

OFFSHARE SAVINGS ACCOUNTS - LATEST NEWS News and Charts

Deal with Swiss over Tax on UK Citizens’ Bank Accounts

25 August 2011
Which Way to Pay

The end of tax-free offshore bank accounts seems to be in sight as the Swiss government have agreed to a deal with the UK over Swiss bank accounts held by UK citizens. The deal, which is expected to increase tax revenue by £3 billion to £6 billion per year, will tax the accounts whilst maintaining the anonymity of the account holders.

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BP May Face Seven Year Drilling Ban

15 July 2010
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Oil company BP is facing a prospective seven-year ban on offshore drilling after a faction of US Congress agreed on new measures.

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Planning to Work Abroad?

13 July 2010
Which Way To Pay

According to news reports this week, young graduates are choosing to look abroad for job opportunities than ever. As job offers in the UK seem increasingly scarce, new locations including China are becoming more attractive…

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Stocks Decline Led by BP

10 June 2010
Which Way To Pay

Stocks fell on Thursday led in the main part by oil giant BP Plc after US President Barack Obama strengthened their attacks on the company.

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What is an Offshore Bond?

08 June 2010
Which Way To Pay

Aimed at higher level earners, offshore bonds are becoming increasingly popular according to financial advisers. Used as a wrapper around investments, the tax benefits of offshore bonds are especially popular with people whose tax relief is being limited.

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