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The Posh Plumber

Offshore Vs Normal Savings Accounts

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I have a large chunk of US dollars that I need to put in a savings account for the best possible return.

The best I have come up with so far is an alliance & leicester account paying 4.95% (tax paid on interest before it is credited to my account)


Hsbc offshore paying 4.8% (tax paid by me when I do my tax return)

Am I better with the offshore due to compound interest on the gross interest payments I receive? Sorry not to good with the maths bit.

Does anyone know of anywhere else to put my dollars? (Don’t mind tying it up for 3-6 months at a time).


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Offshore Savings are only beneficial if you are an expat or if you are a non domiciled british resident and you do not remit your interest to the UK.

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