Top Savings Rates For Expats – February
Many expats can benefit from using offshore bank savings accounts. They are useful for working in different currencies and for gathering interest without deduction of taxes.
By Iain Yule
See the article ‘British Expats – Do You Need An Offshore Bank Account?’.
The best current offering for sterling offshore savers is Standard Bank’s 1.2%, if you have £10,000 and can give 196 days’ notice of withdrawals.
The only way to beat these rates is to lock your money away for longer, as the sterling fixed rate accounts table shows. If you can leave at least £10,000 untouched until March 2020 then 1.75% annual interest is on offer from Skipton International.
For dollars, Standard Bank pays 1.05% for $10,000 or more, with 196 days’ notice.
Standard Bank is also best for euros, paying 0.15% for €10,000 or more, with 196 days’ notice.
If you want a monthly income from your offshore savings, the best offer currently comes from Santander. If you have a minimum deposit of £10,000, then an annual equivalent rate of 0.75% is paid monthly.
The rates shown (C) are gross, i.e. with no tax deducted at source, and are ranked by the amount of notice of withdrawal (A) one has to give the bank without it applying an interest penalty (or for the length of term, for fixed-rate accounts), and by the minimum amount (B) left on deposit to qualify for that level of interest.
Rates are subject to change. Rates on the no-notice and notice accounts are variable; those on fixed rate accounts apply throughout the term shown. Data collated on 1 February 2017.
Source: Moneyfacts.
| Bank | A | B | C | |
| Sterling No Notice Accounts | ||||
| Santander | None | £10,000 | 0.75 % | |
| Skipton International | None | £10,000 | 0.50% | |
| NatWest Offshore | None | £1 | 0.25% | |
| Lloyds Bank International | None | £5,000 | 0.20% | |
| Sterling Notice Accounts | ||||
| Standard Bank | 196 Day | £10,000 | 1.20% | |
| Skipton International | 80 Day | £10,000 | 1.00% | |
| Permanent Bank International | 90Day | £25,000 | 1.00% | |
| Permanent Bank International | 35 Day | £25,000 | 0.90% | |
| Sterling Fixed Rate Accounts | ||||
| Skipton International | 02.03.20 | £10,000 | 1.75% | |
| Santander Private Banking | 24 Month | £50,000 | 1.15% | |
| Santander Private Banking | 12 Month | £75,000 | 1.10% | |
| Permanent Bank International | 1 Year | £100,000 | 0.90% | |
| Sterling Monthly Income Accounts | ||||
| Santander | None | £10,000 | 0.75% | |
| NatWest International | None | £1 | 0.25% | |
| Lloyds Bank International | None | £5,000 | 0.20% | |
| Barclays Wealth | None | £1 | 0.05% | |
| Euro Accounts | ||||
| Standard Bank | 196 Day | €10,000 | 0.15% | |
| Permanent Bank International | 35 Day | €25,000 | 0.15% | |
| Standard Bank | 96 Day | € 10,000 | 0.10% | |
| Kleinwort Benson | 189 Day | €100,000 | 0.10% | |
| US Dollar Accounts | ||||
| Standard Bank | 196 Day | $10,000 | 1.05% | |
| Santander Private Banking | 180 Day | $75,000 | 0.85% | |
| Standard Bank | 96 Day | $10,000 | 0.80% | |
| Investec | 90 Day | $50,000 | 0.70% |
Remember to check if an offshore bank account is right for you. See the article ‘British Expats – Do You Need An Offshore Bank Account’.