{"id":236212,"date":"2019-11-14T13:52:54","date_gmt":"2019-11-14T13:52:54","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?page_id=236212"},"modified":"2026-02-19T07:35:29","modified_gmt":"2026-02-19T07:35:29","slug":"offshore-savings-accounts","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/savings-accounts\/offshore-savings-accounts","title":{"rendered":"Offshore savings accounts"},"content":{"rendered":"<p>The word \u201coffshore\u201d immediately evokes tax havens and dodgy practices, but actually, offshore savings accounts are a perfectly legal financial product that can make an expat\u2019s life much easier.<\/p><p>Here we cover how they work, who can benefit from them and how to compare them to find the best deal for you.<\/p><h3>What are offshore savings accounts?<\/h3><p>They are savings accounts that can be opened by people who don\u2019t live in the UK. They\u2019re usually in sterling, but can be held in other currencies as well.<\/p><p>They\u2019re most commonly opened by expats or by residents of jurisdictions that are considered \u201coffshore\u201d, such as the Channel Islands or the Isle of Man.<\/p><div class=\"newsletter-wrapper\"><\/div>\n<div class=\"newsletter-signup sticky-mode theme-green\" data-accountcreateflow=\"newsletter\" data-displaydelay=\"0\" data-showformembers=\"1\">\n    <div class=\"signup-grid\">\n                                <div class=\"signup-image\">\n                <img decoding=\"async\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png\" alt=\"newsletter-image\" class=\"signup-image-img\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n            <\/div>\n                        <div class=\"signup-content\">\n                <div class=\"signup-content-left\">\n                    <h2 class=\"signup-header\">Be first to know about new deals<\/h2>\n                                        <p class=\"signup-text\">Sign up to receive the latest deals, tips and a chance to <strong>win \u00a3400!<\/strong> (T&amp;Cs)\n                                            <\/p>\n                                    <\/div>\n                <div class=\"signup-content-right\">\n                    <div class=\"form\">\n                        <div class=\"email-group \">\n                            <label for=\"email-default\" class=\"sr-only\">Email address:<\/label>\n                            <input class=\"email-input\" id=\"email-default\" type=\"email\" placeholder=\"Enter your email\" name=\"email\" data-prefill=\"me.notes.createAccountEmail\">\n                            <button class=\"email-btn\">\n                                <span class=\"btn-text\">Sign up<\/span>\n                                <span class=\"loading-spinner\"><\/span>\n                            <\/button>\n                        <\/div>\n                        <p class=\"error-msg\"><span class=\"error-msg-text\">Error placeholder<\/span> <span class=\"error-msg-sign-in\"> Click <a class=\"error-msg-sign-in-link\" href=\"https:\/\/www.finder.com\/uk\/user-profile\/sign-in?returnTo=https%3A%2F%2Fwww.finder.com%2Fuk%2Fuk%2Fwp-json%2Fwp%2Fv2%2Fposts%2F236212\">here<\/a> to sign in<\/span><\/p>\n                    <\/div>\n                    <div class=\"links\">\n                                                    <a href=\"https:\/\/finder.com\/uk\/about-us\/competition-winners\">Winners<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/about-us\/example-email#savings\">Emails<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/communication-preferences\">Unsubscribe<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/privacy-policy\">Privacy<\/a>                                             <\/div>\n                <\/div>\n            <\/div>\n                <div class=\"hide-btn\">\n            Hide\n            <svg class=\"luna-icon luna-icon--xsmall has-margin-top-xxsmall\">\n                <use xlink:href=\"#chevron-down\"><\/use>\n            <\/svg>\n        <\/div>\n    <\/div>\n<\/div>\n\n<h3>How do offshore savings accounts work?<\/h3><p>Offshore savings accounts work mostly like regular savings accounts \u2013 you move a sum into the account and earn interest on your savings. You can choose between <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-bonds\">fixed-term<\/a> and <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/easy-access-savings\">easy-access accounts<\/a>, and the longer you agree to \u201clock away\u201d your money, the higher the interest rate you\u2019re likely to get.<\/p><p>The main differences are the following:<\/p><ul><li><strong>You can apply even if you\u2019re not a UK resident.<\/strong> This is not normally the case with onshore accounts.<\/li><li><strong>Offshore savings accounts tend to require higher minimum deposits.<\/strong> It isn\u2019t uncommon to be asked for a \u00a35,000 or \u00a310,000 minimum deposit, although a few accounts can be opened with as little as \u00a31.<\/li><li><strong>They\u2019re not protected by the <a href=\"https:\/\/www.finder.com\/uk\/banking\/what-is-the-fscs\">FSCS<\/a>.<\/strong> But they usually offer some other kind of deposit protection. More on this <a href=\"#deposit\" class=\"scroll\">below<\/a>.<\/li><\/ul><h3>Who can benefit from an offshore savings account?<\/h3><p>In broad terms, anyone who lives abroad but wants to open a savings account in sterling. For example:<\/p><ul><li><strong>Expats who earn their salaries\/have their pensions paid in pounds.<\/strong> An offshore savings account allows you to save some of your earnings and earn interest without having to convert the money into the local currency.<\/li><li><strong>Expats who move often\/plan to return to the UK eventually.<\/strong> If you change country often, there\u2019s no point in moving your savings every single time, especially if they\u2019re in pounds. You can just keep them in an offshore savings account and \u201cforget\u201d about them until you settle down more permanently.<\/li><li><strong>UK expats\/other nationals who acquire wealth in sterling.<\/strong> For example, through investment or because of an inheritance.<\/li><li><strong>Residents of an offshore jurisdiction.<\/strong> As we said, people who live in the Isle of Man, in the Channel Islands or in places like Monaco, Switzerland and Lichtenstein may find it more practical to open an offshore account than a local one.<\/li><\/ul><h3>Do I need to pay taxes on the interest I earn?<\/h3><p>As you can imagine, keeping your money in an offshore account doesn\u2019t mean you can just forget about taxes. Just like with a UK savings account, interest is paid gross, and you have to pay taxes on it if you earn more than your personal savings allowance (which is \u00a31,000 a year for basic rate taxpayers and \u00a3500 for higher rate taxpayers. Additional rate taxpayers have no personal savings allowance).<\/p><p>Depending on where the account is based, you may also be required to pay taxes in that country. If that happens, you should be able to claim UK tax relief thanks to double taxation agreements. The UK has them with more than 100 countries and they basically prevent you from paying taxes twice on the same earnings.<\/p><h3>Offshore savings account fees and costs<\/h3><p>Opening a savings account should normally be free, and that\u2019s usually the case with offshore savings accounts too. However, there may be fees to pay in a few cases, particularly:<\/p><ul><li><strong>To make a withdrawal.<\/strong> Depending on the type of account, in some cases you may be unable to withdraw your money; in others, you may be charged a fee or not be accredited any interest.<\/li><li><strong>If you don\u2019t maintain the minimum balance.<\/strong> Again, you may be charged a fee or not be paid interest.<\/li><\/ul><p>Fees and penalties vary hugely by bank and account type, so always read your terms and conditions carefully before finalising your application (yes, they\u2019re long and wordy and may seem unattainable, but they\u2019re actually your friends!).<\/p><h3 id=\"deposit\">Are offshore savings accounts safe?<\/h3><p>While not protected by the FSCS, offshore savings accounts often come with some level of deposit protection, provided by the country in which the account is based. The Isle of Man, Jersey, Guernsey, Gibraltar and countries in the European Union all have their own deposit protection schemes.<\/p><p>Before applying for an account, always make sure it is covered and double-check the limits and conditions of the deposit protection offered, which may be a bit different than the standard ones provided by the FSCS.<\/p><h3>Pros and cons of an offshore bank account<\/h3><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li>You can apply even if you're not a UK resident<\/li>\n                                    <li>Can be held in multiple currencies<\/li>\n                                    <li>Can be useful for expats or residents of offshore jurisdictions<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li>Tend to have higher minimum deposit requirements<\/li>\n                                    <li>Not protected by the FSCS (although there should be some level of deposit protection)<\/li>\n                                    <li>You might have to pay a penalty if you withdraw funds or don't maintain the minimum balance<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<h3>Bottom line<\/h3><p>An offshore savings account can be particularly beneficial if you\u2019re an expat or if you are a resident of an offshore jurisdiction such as the Isle of Man or the Channel Islands. But as with any savings account, it\u2019s important to check things like the minimum deposit requirement, how much interest you\u2019ll earn and whether there are any fees before you make a decision. <\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">How do I open an offshore savings account?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>The easiest thing to do is check whether your bank has an international division that offers them, then compare its deals with the rest of the market. Once you\u2019ve picked the account you want to open, you can usually apply online, by phone or in a branch (this can depend on the country you\u2019re based in). The bank will ask you to provide your personal details and documents and will then let you know if the application has been accepted.<\/p><p>Once the account is open, you can normally fund it through a bank transfer from your online banking. If you\u2019ve opted for a fixed-term savings account, don\u2019t forget that you\u2019ll only be able to send money to it for a short period of time, before it\u2019s locked.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">What do I need to apply for an offshore savings account?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>It depends on the bank, but just like with a UK account, you\u2019ll typically be asked to prove your identity (passport), address (bank statement, utility bill) and, in some cases, income (payslip).<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">From which countries can I apply for an offshore savings account?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>It depends on the bank. Make sure the country you\u2019re from\/living in is supported when comparing deals.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>Learn how offshore savings accounts work, which taxes you need to pay and how to score the best deal.<\/p>\n","protected":false},"author":653,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[1181],"tags":[],"asset_tag":[],"class_list":["post-236212","post","type-post","status-publish","format-standard","hentry","category-savings-accounts"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Offshore savings accounts: All you need to know | Finder UK<\/title>\n<meta name=\"description\" content=\"Offshore savings accounts can give a boost to your savings even if you live abroad. Learn how they work, which taxes you need to pay and how to score the best deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/offshore-savings-accounts\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offshore savings accounts\" \/>\n<meta property=\"og:description\" content=\"Offshore savings accounts can give a boost to your savings even if you live abroad. 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We compare everything from bank accounts, personal loans, investing platforms and much more.\",\"email\":\"heythere@finder.com\",\"legalName\":\"Finder\",\"foundingDate\":\"2006-01-01\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.finder.com\/uk\/#\/schema\/person\/6d22ae9ecf33caddd840c6f2fb356b46\",\"name\":\"Valentina Cipriani\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.finder.com\/uk\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2025\/02\/valentinacipriani_supplied_400x400.jpg\",\"contentUrl\":\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2025\/02\/valentinacipriani_supplied_400x400.jpg\",\"caption\":\"Valentina Cipriani\"},\"description\":\"Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/valentina-cipriani-09475288\/\"],\"url\":\"https:\/\/www.finder.com\/uk\/author\/valcipriani\",\"jobTitle\":\"Writer\",\"worksFor\":{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.finder.com\/uk\/#organization\",\"name\":\"Finder\"}}]}<\/script>\n<meta property=\"article:modified_time\" content=\"2025-04-24T13:44:42+00:00\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Offshore savings accounts: All you need to know | Finder UK","description":"Offshore savings accounts can give a boost to your savings even if you live abroad. 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