Britons could find that their money goes further with offshore savings, one expert has claimed.
Rachel Thrussell, the head of savings at Moneyfacts, said that the savings war that is currently raging to convince Britons of where to store their nest eggs is being won by offshore accounts, as they provide the best rates .
However, the expert also advised that while great rates are available in such savings vehicles, Britons must be careful to ensure they choose the right accounts or they could end up getting stung.
"With offshore savings typically associated with larger balances and in fact many providers insisting on a minimum balance of £10,000 to £25,000, should any problems ever occur it could present a real threat," she explained.
She also said that while it is very rare that banks fall into financial uncertainty, the recent crisis at Northern Rock caused by the credit crunch should indicate that it can happen.
The problems at Northern Rock saw thousands of its customers forming long queues at branches in order to withdraw their savings, despite assurances that the money was in safe hands.
Offshore savings offer the best rates, expert claims
Financial Services > Savings > Savings and Investments News
Offshore savings offer the best rates, expert claims
Wed, 17 Oct 2007
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