Offshore Account

[Tyrol]

Hi,

I wish to open a sterling account. I intended to travel to U.K. and open a deposit a/c with LLoyds TSB.

I phoned them before hand and they told me I didn't need to travel in person and said I could open an offshore account in Isle of Man.

I only associate 'offshore' with the scandal years ago. Can anyone explain to me what it is and how it differs from an a/c in a branch in London or Belfast?

 

[ClubMan]

Any use?

http://en.wikipedia.org/wiki/Offshore_bank

I would have thought that an "offshore" account and one in another jurisdiction were actually or effectively the same thing.

There's nothing inherently wrong about offshore banking/accounts as long as all tax and related obligations are met.

 

[Daddy]

U Bank in North of Ireland are offering 2.8% fixed on deposit for 1 year.

What is the rate of interest available in say the Isle of Man.

Thanks

 

[e_drizzel]

U Bank in North of Ireland are offering 2.8% fixed on deposit for 1 year.

What is the rate of interest available in say the Isle of Man.

Thanks

some isle of man rates here: nationwideinternational.com