Offshore banks are challenging their onshore equivalents with ever more competitive rates, both in the fixed rate market and with variable rate products.
Rachel Thrussell, head of savings at Moneyfacts, points to the 6.55% rate from Kaupthing Singer & Friedlaner IOM as an example and says that a similar deal cannot be found onshore, unless investors are prepared to take one of the few deals which are specifically designed for child benefits or a house deposit for example. She says the Platinum Offshore Account from Kaupthing Singer & Friedlander IOM is virtually string free, although it does require a minimum deposit of £25 000, and is a “good simple hard working account.” However, Thrussell councils caution when investing with offshore ban...
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