A quarter of US dollar offshore savings accounts were paying no interest at all on deposits during 28 November to 27 February, according to Investec Bank (Channel Islands).
Additionally, Investec's quarterly US Dollar Offshore Savings Index found a third of accounts were paying less than 0.1% during this period. As the Fed rate during the time fell from 1% to just 0.25%, the average interest paid on US dollar savings accounts fell by 0.75% to 0.53%. Although some accounts offered non-existent returns, the Index also found 36% of accounts were paying 0.5% or above. "While the Fed rate remains so low, it is more vital than ever that savers keep a close eye on the rate of interest they're receiving," says Laura Preston of Investec, Guernsey. "There are st...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes