bank accounts

What is a bank account? A bank account is an investment in a bank's balance sheet. A depositor should be aware of the credit rating of his bank of choice and the depositor protection available, either from the jurisdiction in which his bank is based or the bank's parent. For instance, the UK and the Isle of Man have depositor protection schemes but Jersey does not. Jersey, however, closely vets banks before they are allowed to set up in the island and closely monitors their activities once established. Why hold one? The reasons a bank account is held can affect their tax status...