Expat Savings – April 9, 2015

Only one change in expat offshore money rates for the week – a new account launched by Skipton International.

The 18 month fixed rate bond follows the market lead in offering shorter fixed terms.

The rate is 1.75% and savers can open an account with £10,000.

The savings market is unlikely to change pending the result of the General Election 2015 on May 7.

Bank of England governor Mark Carney has also confirmed interest rates will stick at 0.5% for another month – which takes the date to the election. Expect little change then until the dust settles at the hustings.

Offshore accounts pay interest without tax deducted, so the change in UK income tax on savings rule that scraps the 10% rate has no effect on overseas bank accounts.

Offshore savings providers

Here’s a list of some leading offshore savings providers with links to their web sites:

Barclays International – Offshore banking from the UK high street giant

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

Isle of Man Bank – The national bank of the Isle of Man that opened in 1865 and offers personal and online banking to expats

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.