Best Offshore Current Accounts
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In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
In the Isle of Man, Jersey and Guernsey, the first £50,000 per person, per bank/building society, is protected. In Jersey and Guernsey, deposits held by charities are also covered but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
In the UK and Jersey, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this.
In the Isle of Man and Guernsey if you have also borrowed from the failed bank/building society, your savings may be used to repay your debt, before any remaining balance is compensated.
In the UK this bank/building society shares its compensation limit with
Tesco Bank.
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In Jersey, the first £50,000 per person, per bank/building society, is protected. In Jersey, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. Deposits held by charities are also covered but deposits of companies or partnerships are not covered.
_All_125x100.png)
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey, but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
In the UK and Jersey, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. Under the Isle of Man scheme, your savings may be used to repay your debt, before any remaining balance is compensated.
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In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey, but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
In the UK and Jersey, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. Under the Isle of Man scheme, your savings may be used to repay your debt, before any remaining balance is compensated.
_All_125x100.png)
In Jersey and the Isle of Man, the first £50,000 per person, per bank/building society, is protected. Deposits held by charities are also covered in Jersey, but deposits of companies or partnerships are not covered. Deposits held by companies, partnerships and charities are covered in the Isle of Man up to a maximum of £20,000 per bank/building society.
Under the Jersey scheme, if you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. In the Isle of Man, your savings may be used to repay your debt, before any remaining balance is compensated.
An offshore bank account operates in much the same way as one on UK soil. It offers a place for income or earnings to be paid into and usually has the same features as an onshore account, such as an overdraft and debit card, and most can be easily managed online or via mobile app. The main difference is that funds can be held in a different currency, typically euros or dollars, but others are available as well.
Note that these accounts are offered by many of the largest UK banks as well as more specialist providers that operate in the Channel Islands, Gibraltar or the Isle of Man. Our chart above highlights the best offshore bank accounts for UK citizens in all of these locations.
The key advantage of this kind of account is the ability to deal with a currency that is different from UK sterling. The account holder can easily make and receive payments in other currencies without being subject to volatile exchange rates and hefty conversion fees, which can quickly eat into earnings. Expats in particular can benefit from this kind of arrangement, but so too can anyone who frequently manages their finances internationally, such as those who own property overseas.
Many offshore banking providers have offshore savings accounts available as well, allowing you to easily move your non-sterling funds into a dedicated account to earn a competitive return. Indeed, the best offshore savings accounts can offer comparable interest rates to those in the UK. Find out more about whether these accounts are worth it for expats.
However, there can be disadvantages to banking offshore as well. For example, you should be aware that some accounts:
It’s important to note that it is not possible to avoid paying tax by banking offshore. Instead, you’re subject to the same tax implications as if your funds were held in the UK. This means that, as with standard savings and current accounts, any interest earned above the Personal Savings Allowance (which is £1,000 for basic-rate taxpayers and £500 for higher-rate) will need to be declared to HMRC on a self-assessment tax form, and any relevant tax paid. If you don’t, HMRC are likely to come calling with a considerable fine.
Yes, provided you use and manage it appropriately, and declare any interest earned to HMRC.
Yes, though protection is typically less than that offered in the UK. This is because money held in an offshore account won’t be protected by the Financial Services Compensation Scheme (FSCS), though it should still be covered by a scheme from the jurisdiction in which it is based. For example, accounts in the Channel Islands and the Isle of Man are covered for up to £50,000, with accounts held in other countries subject to their own rules. You can find out where an offshore bank is registered, and its relevant compensation scheme, in our depositor protection scheme guide.
As is the case for all financial products, the key to finding the best offshore bank accounts for UK citizens is to compare the options thoroughly. Make sure to consider everything from the fees charged to the account management options, as well as the currencies offered. Our chart above is the best place to begin your comparison.
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