Shop around for the right offshore account
Alliance & Leicester International leads the way on monthly interest accounts, paying 3.88 per cent gross, equivalent to 3.95 per cent annually, on its eSaver Offshore Flexible Income Issue 1. You have to give 60 days’ notice to withdraw your money, and you must put in at least £25,000 to get this rate, according to data from statisticians Moneyfacts.
Scarborough Channel Islands is also in the frame as a top payer on monthly interest accounts. Its Lifestyle Notice 90 account is paying 3.40 per cent gross, or 3.45 per cent annual equivalent rate (AER) on deposits of £25,000.
If you cannot afford to give that much notice for withdrawals, then Scarborough also has the Lifestyle 28 Notice account – which, unsurprisingly, asks you to give 28 days’ notice – paying 2.55 per cent, or 2.58 per cent AER on deposits of £25,000 or more.
For no notice accounts, Irish Nationwide Isle of Man (IOM) is paying an impressive 4.25 per cent on its Instant Quarterly account for deposits of at least £25,000.
Close behind is Alliance & Leicester International with its eSaver Offshore Issue 2, which is worth a look if you have less to put on deposit. It is paying 3.76 per cent on £15,000.
If you have a lot less to deposit, then you may want to consider the Anglo Irish Bank Corporation (International) Privilege Access Issue 2 account, paying 3.75 per cent, or 3.79 per cent AER, on deposits of £5,000. This is significantly better than the 2.4 per cent you could get from Halifax International on £5,000 in its Variable Rate Halifax International Web Saver account.
If you can afford to wait before you get your money, then you can get some decent rates with the offshore arms of the building societies. Irish Nationwide, for example, is paying 4 per cent on its International 90 Day account, so that means 90 days’ notice before withdrawal, but you would have to put in a hefty £50,000 to get this rate. You can get the same rate with Anglo Irish Bank Corporation (International) on its Privilege 90 account by depositing just £5,000, so this might be better for those with less to put away, but again you need to give 90 days’ notice for withdrawals.
Of the converters, Alliance & Leicester International’s eSaver Offshore Notice 50 Issue 1 is paying 3.95 per cent on deposits of at least £25,000, but this is less competitive than some of its other banking rivals, although the notice period is lower than some competitors, at 50 days.
Of course, if you are not sure what sort of account would be best for you, you can get some help – even online. Moneyfacts, a UK-based comparison site, offers you the ability to go through a selection process to determine which account would be right for you.
For example, you can choose whether you are interested in variable rate, fixed rate or expat accounts, choose how much you would like to deposit, which currency you would like your interest paid in, and how much notice you would be prepared to give before you make withdrawals. By putting all of these parameters in, you will get a list of accounts that will be relevant to you, and then it is down to you to do some more research to determine which one would be the correct one.
While chasing the highest interest rate, particularly in the current environment, is going to be key for many savers, it is vital to also ensure that the account you choose has got terms and conditions that you can keep to, and also whether any special facilities are available. It can take a bit of leg work to choose the right one, but it will be worth it. (Via Telegraph)
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