Offshore Current Accounts

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Compare offshore current accounts

	Account	Interest (AER) The account's Annual Equivalent Rate: the interest rate that is paid on in-credit balances over a year. Hover over the red asterisks for more details.	Overdraft Rate The interest or fee that is charged for using the account's overdraft facility.Hover over the red asterisks for more details.	Max Overdraft The maximum authorised overdraft amount permitted on the account.	Min Monthly Payment Some accounts require customers to pay in a certain amount each month. Failure to pay in the agreed amount can result in penalties or loss of account benefits.	Monthly Fee The amount that the bank charges customers each month to use the account – usually deducted from the account balance every month.
	Lloyds TSB International Bank Account	0%	15.8%	Not stated	Not stated	£7.50	MORE INFO Read this before you proceed. To qualify for this product you need to meet the following criteria. Minimum Age 18 Permanent UK Resident Yes Monthly Fee £7.50
	Representative Example: If you use an overdraft limit of £200 a 15.8% EAR (variable) charge will apply
	Barclays Wealth International Bank Account Upgrade to a free Relationship Manager Service if your balance is over £50,000	0%	29.5%	Not stated	Not stated	£10.00	MORE INFO Read this before you proceed. To qualify for this product you need to meet the following criteria. Minimum Age 18 Permanent UK Resident No Monthly Fee £5.00
	Representative Example: If you use an overdraft limit of £200 a 25.9% EAR (variable) charge will apply

Accounts with an asterisk next to the AER interest have a bonus applied to the interest rate, place your mouse cursor over the asterisk to view the bonus.

More about offshore current accounts

Thought offshore bank accounts were just for bankers, footballers and gangsters? Think again. There are a range of benefits to having a bank account which is not based in the UK and most of the options are open to anyone.

Most people associate offshore banking with low or no tax. This is because offshore accounts held in so called 'tax havens' like the Channel Islands, Switzerland or Luxembourg pay interest without having tax deducted. But it isn't clear cut - you will usually still be subject to tax in the country you are resident in; the avoidance will only be a temporary measure. Other tax benefits could stem from gaining a higher interest rate or being able to put money into more lucrative commercial investments due to the low tax infrastructure in the country the bank account is held in. It's certainly a complex area, though. If you are looking to use offshore accounts for tax benefits you'll need specialist advice.

A more straightforward benefit from an offshore bank account is that you can often choose to hold your money in a specific currency other than sterling. This means if you are living or working abroad you won't face currency exchange fees every time you need to access your money. You can also continue to bank with a company that you know and trust.

For this purpose, most of the banks offer international bank accounts that aren't necessarily held offshore.

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