More UK residents should look to offshore savings accounts as a way to secure their money, an expert has claimed.
Although offshore savings accounts may be regarded as an option for more affluent investors, many savers could take advantage of the option, stated Rachel Thrussel, head of savings at Moneyfacts.
The expert noted that offshore savings accounts often require low minimum investments, with a wide range of terms and good returns.
"With many providers turning their attention to the offshore market, it is certainly recognition of its growing popularity," she remarked.
"With more and more people investing, living or working overseas, it's good news that providers are looking after this niche and potentially affluent market."
Ms Thrussel commented in the wake of a new offshore savings option created by Landsbanki.
The provider has now taken over Cheshire Guernsey, increasing rates by around 0.61 per cent, which makes it "hard to beat", the expert said.
Landsbanki's parent company, Landsbanki Islands hf, claims to have global assets worth over £9 billion and is based in Iceland.
Offshore savings advice for consumers
Offshore savings advice for consumers
Thu, 02 Nov 2006
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