Find out how to maximise the return on your savings with the best fixed term offshore savings account out there.
Offshore fixed term deposits differ from instant access offshore savings accounts in one main respect – they specify a pre-determined time frame during which the money cannot be withdrawn from the account.
Though some banks will allow early closure, this is usually subject to interest penalties. Partial withdrawals are almost always prohibited so this is something you need to take into consideration when you’re deciding which of the best offshore fixed rate bonds are right for you.
Something else to consider is that the majority of fixed term offshore savings accounts are only available to individuals living or working overseas, although some can also be opened by UK residents too. You’ll need to check the eligibility criteria when you’re comparing your options and can do so in our fixed offshore savings accounts comparison table.
There are several other factors to look at when making an offshore instant access savings comparison and determining which fixed term offshore savings account is best for you.
You’ll need to check the minimum deposit required to open the account. The minimum balance for offshore fixed term deposits will usually be higher than that for instant access and ‘no notice’ accounts. For the best interest rates most banks will require minimum balances in the region of £10,000 to £100,000, although this is by no means always the case for all international fixed rate bonds.
Given that you’re likely to hold a significant sum in your offshore bank account it’s important to check how it will be protected in case of bank collapse. As FSCS protection doesn’t extend to most offshore accounts you’ll need to make sure that you won’t lose all of your money should the worst happen.
Checking whether you can access and operate the account online is also important. This is probably even more important for an offshore account than it is for an onshore one since chances are, you will be in a different country from where your account is domiciled.
As important as it is, your comparison of offshore accounts in different banks should not be limited to just offshore fixed term interest rates. It’s also worth looking at instant access offshore accounts to see whether the high offshore fixed rates on offer are worth tying your money up for.