Offshore savings accounts explained How to find the best offshore accounts

Piggy bank and star fish, offshore savings

It's important to shop around for the best deal before opening an offshore savings account

Most UK banks and many building societies have an offshore arm. To find out more about these, and to get application forms, contact UK branches of financial institutions or visit their websites.

You can do this yourself by reviewing the offshore savings accounts that are on offer from different providers, and by checking out the offshore accounts featured on some price comparison websites such as Moneyfacts and Moneysupermarket.

Go further: How safe is it to save offshore?

Opening an offshore savings account

If you’re applying for an offshore account with an overseas branch of a financial institution, you’ll need to send your application forms directly to them. You’ll also need to provide proof of your identity and address by supplying, for example, a certified copy of your passport or driving licence, plus recent fuel bills or bank statements.

As with any other kind of savings account, it’s important to shop around for the best deal before committing to a particular product.

Once your account is open, you should be able to make your initial and subsequent deposits by posting a cheque or arranging an electronic transfer from another account.

However, nowadays it’s more likely you will open an offshore savings account over the internet, transferring your initial deposit via the worldwide web.

If you do, be careful to ensure you are fully aware of where the bank you will be saving with is based and how your money will be protected. This is crucial, as the location of the financial institution you choose may not be immediately obvious from its website - but it will affect whether your cash would be guaranteed if your savings provider went bust. 

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Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.