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Guide to Offshore Savings

Day to day banking with offshore accounts

Offshore accounts have always been an attractive option because of the high interest rates which they guarantee in comparison to onshore accounts, however this is not so much the case today. The biggest advantage of these accounts is the tax protection they offer.

To open an account, many offshore banks require a minimum deposit of £5000 but this does vary so it is worth shopping around.

The account can be used in exactly the same way as an onshore current account. A cheque book can be attached to the account as can a debit card, credit card or even an overdraft facility. Management of the account can be done via the Internet which gives full control over the funds.

Funds become applicable for tax
once withdrawn from an offshore account

Deposits to the account can often be made in a variety of currencies, which is particularly useful for travellers or people who go overseas regularly on business.

Offshore accounts can and often do have set up costs associated with them, so when comparing the different account options this is an important consideration.

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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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