Shopping around for an offshore account

If you are considering using an offshore bank account it wise to do some ground work before you commit. The Internet provides some excellent best buy tables to give you an idea of what is available.

You will find that many of the high street ‘big’ banks and many building societies have offshore subsidiaries. The different account options can also be discussed with a Financial Adviser, however it is wise to be aware whether the adviser is employed by a financial organisation, they may well be tied to a limited range of products which are used by their company.

Independent Financial Advisers will have a much wider product base to work from and will be able to do all the leg work for you. Coming back with a few suitable options and providing advice and assistance wherever needed.

Before proceeding with any account make sure you have all relevant details and charges which relate to the account. Below are a few to consider:

• How much is required as an initial deposit?
• How long is the sum invested for?
• Are there any penalties if the fund is withdrawn early?
• Are there any set up fees?
• Are there any management fees for running the account?
• How are the funds accessed?
• What is the interest rate which will be earned on the fund?
• Will the fund grow tax free or will it be subject to a nominal amount of tax?

Download the Offshore Savings PDF Guide here - see our other free PDF guides here

Guide Contents

What are offshore accounts?
The different types of offshore accounts
Day to day banking with offshore accounts
Saving with offshore accounts
Shopping around for an offshore account
Frequently asked questions about offshore accounts

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