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What is an offshore current account?

Offshore bank accounts are geared towards expats and UK residents who find it useful to have an account in another currency. This may be because you are paid in a currency other than sterling and want to limit the risk of a fluctuating exchange rate.

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Select from the filters to refine your results and find what you are looking for:

  • Santander International Logo
    Santander International Island Gold Bank Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.50%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Quarterly
    Opening Account
    Not Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.50% paid at £1, 0.75% paid at £75K, 1.00% paid at £1M
    AER 0.50% paid at £1, 0.75% paid at £75K, 1.00% paid at £1M
    Interest Paid Quarterly
    Interest payment Interest must be compounded
    Min Opening Amount £0
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Channel Island residents and/or Isle of Man residents

    Additional Information

    N/A
  • Isle of Man Bank Logo
    Isle of Man Bank Gold Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.15%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Not Available Online Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.15% paid at £1
    AER 0.15% paid at £1
    Interest Paid Monthly
    Interest payment Interest can be paid away or compounded
    Min Opening Amount £0
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Isle of Man residents

    Additional Information

    N/A
  • NatWest International Logo
    NatWest International Gold Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.15%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Not Available Online Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.15% paid at £1
    AER 0.15% paid at £1
    Interest Paid Monthly
    Interest payment Interest can be paid away or compounded
    Min Opening Amount £0
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Channel Island residents, Gibraltar residents, Isle of Man residents and/or UK residents

    Additional Information

    N/A
  • Barclays Bank Logo
    Barclays Bank International Bank Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Quarterly
    Opening Account
    Available Online Not Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1
    AER 0.00% paid at £1
    Interest Paid Quarterly
    Interest payment Interest can be paid away or compounded
    Min Opening Amount £0
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Channel Island residents, Expatriate, Gibraltar residents, Have to qualify for International Bank or Private Bank, Isle of Man residents and/or UK residents

    Additional Information

    N/A
  • HSBC Expat Logo
    HSBC Expat Premier Bank Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £5K
    AER 0.00% paid at £5K
    Interest Paid Monthly
    Interest payment Interest must be compounded
    Min Opening Amount £5,000
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Linked Product (Funded): Premier Banking Customers only (criteria of £50K or equivalent to invest)

    Additional Information

    N/A
  • Lloyds Bank International Logo
    Lloyds Bank International Premier International Current Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1
    AER 0.00% paid at £1
    Interest Paid Monthly
    Interest payment Interest must be compounded
    Min Opening Amount £0
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Locational. Customers must meet residency criteria which will be discussed at point of application. and/or Must invest £100K (or currency equivalent) or have a salary of £100K

    Additional Information

    N/A
  • Santander International Logo
    Santander International Gold Bank Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Quarterly
    Opening Account
    Not Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1, 0.15% paid at £75K, 1.00% paid at £1M
    AER 0.00% paid at £1, 0.15% paid at £75K, 1.00% paid at £1M
    Interest Paid Quarterly
    Interest payment Interest must be compounded
    Min Opening Amount £0
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Expatriate, Gibraltar residents and/or UK residents

    Additional Information

    N/A
  • Standard Bank Logo
    Standard Bank Optimum Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Quarterly
    Opening Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £4K
    AER 0.00% paid at £4K
    Interest Paid Quarterly
    Interest payment Interest can be paid away or compounded
    Min Opening Amount £4,000
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Channel Island residents, Expatriate, Gibraltar residents and/or Isle of Man residents

    Additional Information

    N/A
  • Lloyds Bank International Logo
    Lloyds Bank International International Current Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Available Online Not Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1
    AER 0.00% paid at £1
    Interest Paid Monthly
    Interest payment Interest must be compounded
    Min Opening Amount £0
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Locational. Customers must meet residency criteria which will be discussed at point of application. and/or Must invest £25K (or currency equivalent) or have a salary of at least £50K

    Additional Information

    N/A
  • Royal Bank of Canada (CI) Logo
    Royal Bank of Canada (CI) Executive Plus Account Depositor Protection logo
    Depositor Protection logo
    AER
    0.00%
    Account Type
    Offshore Current
    Notice / Term
    Instant
    Interest Paid
    Monthly
    Opening Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Managing Account
    Available Online Available At Branch Available By Mail Available By Telephone Not Available By Mobile
    Rates
    Access
    Information
    Opening Restrictions
    Additional Information

    Rates

    Rate 0.00% paid at £1
    AER 0.00% paid at £1
    Interest Paid Monthly
    Interest payment Interest can be paid away or compounded
    Min Opening Amount £0
    Max Investment £0
    Introductory bonus N/A

    Access

    Withdrawals Allowed
    Early Access Allowed
    Access Note
    N/A
    Further Additions Allowed

    Information

    Min Age 18
    Max Age 0
    Taxation
    N/A

    Opening Restrictions

    Channel Island residents, Expatriate, Gibraltar residents, Isle of Man residents and/or UK residents

    Additional Information

    N/A
  • Note

    Eligible deposits with offshore banks are protected by a relevant compensation scheme. More information is available at: https://alpha.moneyfacts.co.uk/savings-and-isas/guides/depositor-protection-schemes-what-would-happen-if-a-bank-goes-bust/

    Disclaimer

    All rates subject to change without notice. Please check all rates and terms before investing or borrowing.

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    Offshore current accounts explained

    Derin Clark

    Derin Clark

    Online Reporter

    At a glance

    • Offshore current accounts are aimed at expats and UK residents who want to bank in a different currency.
    • The features offered are usually the same, but there may be a fee and higher deposit requirements.
    • An offshore account does not make it possible to avoid paying tax.
    • While money held in an offshore account won’t be protected by the Financial Services Compensation Scheme, it should still be covered by a scheme from the jurisdiction where it is based.

    Offshore banking facilities are offered by many of the largest UK banks and building societies. These banks are separate companies that operate in the crown dependencies of the Channel Islands, Gibraltar or the Isle of Man.

    An offshore bank account will usually have all the facilities and features of an onshore current account, such as an overdraft and a debit card.

    However, you should be aware that some accounts:

    • charge a fee
    • may require a larger deposit than an onshore account
    • require that you earn a minimum amount.

    Tax

    Importantly, it is not possible to avoid paying tax by banking offshore.

    As with standard savings accounts, interest earned on offshore accounts is paid without any tax deducted. While the Personal Savings Allowance means basic-rate taxpayers have no tax to pay on the first £1,000 of interest, and higher-rate taxpayers will have no tax to pay on the first £500, interest earned above these thresholds will still be taxable, whether it’s from an offshore account or not.

    You must declare any savings interest earned to HM Revenue and Customs (HMRC) on a self-assessment tax form and pay tax on it in due course. If you don’t, HMRC are likely to come calling with a considerable fine.

    Moneyfacts tip

    Moneyfacts tip Derin Clark

    Where savvy savers may benefit is by taking advantage of the delay between earning interest and having to pay any tax owed. All the time the interest is held gross in your account, it is earning even more interest on the extra interest!

    Will my funds be protected?

    Importantly, current account funds kept offshore don't fall under the UK Financial Services Compensation Scheme, even if your bank is a subsidiary of a UK bank or building society. Depending on where the bank is licenced, you might be protected by a scheme from that jurisdiction.

    Moneyfacts tip

    Moneyfacts tip Derin Clark

    Find out where an offshore bank is registered, and its relevant compensation scheme, in our depositor protection scheme guide.

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