Top Offshore Bank Savings Rates
by Iain Yule
UK base rates are still stuck at 0.5% – but you can beat this rate if you shop around the offshore banks. The no-notice best buys are still led by AIB International Savings, whose Instant Saver pays 2.5%. The account has a minimum balance requirement of £5,000. For euros or US dollars the account offers its best deal for 60-day notice money and pays 2.6% for euros and 1.9% for dollars.
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 your money untouched for five years then 4.3% annual interest is on offer from Clydesdale Bank International.
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 collated on 5 January and are subject to change. Rates on the no-notice and notice accounts are variable; those on fixed rate accounts apply throughout the term shown.
Source: MoneyFacts.
| Bank | A | B | C |
|---|---|---|---|
| Sterling No Notice Accounts | |||
| AIB International Savings | None | £5,000 | 2.50% |
| Nationwide International | None | £25,000 | 2.40% |
| Lloyds TSB International | None | £100,000 | 2.01% |
| Britannia International | None | £50,000 | 2.00% |
| Sterling Notice Accounts | |||
| Skipton International | 180 Day | £100,000 | 2.75% |
| Nationwide International | 95 Day | £25,000 | 2.65% |
| AIB International Savings | 60 Day | £5,000 | 2.60% |
| AIB International Savings | 32 Day | £5,000 | 2.55% |
| Sterling Fixed Rate Accounts | |||
| Clydesdale Bank International | 5 Year | £10,000 | 4.30% |
| Alliance & Leicester International | 31.01.17 | £5,000 | 4.15% |
| Alliance & Leicester International | 30.01.15 | £5,000 | 4.00% |
| Lloyds TSB International | 5 Year | £10,000 | 4.00% |
| Euro Accounts | |||
| AIB International Savings | 60 Day | €5,000 | 2.60% |
| AIB International Savings | 32 Day | €5,000 | 2.55% |
| AIB International Savings | None | €5,000 | 2.50% |
| Irish Nationwide (IOM) | 35 Day | €25,000 | 2.50% |
| US Dollar Accounts | |||
| AIB International Savings | 60 Day | $5,000 | 1.90% |
| AIB International Savings | 32 Day | $5,000 | 1.85% |
| AIB International Savings | None | $5,000 | 1.80% |
| Nationwide International | None | $25,000 | 1.60% |
News in Brief
New Guide for Expats in Oz:
Recently updated on the Expat Network website is the section on how expats are taxed in Australia.
Valuable information is included on tax benefits for expats such as the Living Away From Home Allowance (LAFHA) and also a significant change in the Australian tax law that has removed taxation for expats on earnings that they may still accrue outside of Australia.
If you are going to Australia on a 457 visa you will have to lodge an income tax return. In fact anybody in Australia who earns more than 6,000 Australian dollars is required to lodge a tax return. This applies even though your employer has deducted income tax from your salary.
To view the updated section, click here.
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