UK Deposit Accounts

[mike111]

I am researching opening a Euro account in the UK or other EU country.
A lot of the banks seem to have separate entities set up to accept off shore deposits. They are not covered by the UK scheme but by the deposit protection scheme in the isle of Mann, Jersey and Gibralter etc.
On the face of it these schemes are similiar to the UK scheme in that they cover in the region of €50-€100K per depositor.
However they are capped at €200Million (in total) so depending on the level of deposits in the banks covered by these schemes the garantee could be worthless.
Does anyone have any experience of these scheme?

I see a lot of people recommending Keytrade,

Should I go with Keytrade Belgium or Luxenbourg?

 

[littletiger]

I have a very similar concern.

I was thinking of opening up a Nationwide International acc in the Isle of Man.

 

[mike111]

Cynical UK banks

Investec Uk seem to be the only bank offering offshore accounts that are covered by the UK compensation scheme.
It seems a very cynical exercise by the likes of Nationwide, Barclays Natwest etc to be dirverting offshore accounts into their Jersey and the Isle of Man branches where in my mind the compensation scheme must be worthless given the €200 million cap that is in play.

 

[B&T]

Hi
I am interested in this post re. Isle of man accounts, as I see very little detail regarding people investing in the larger banks as offshores accounts. The main example I was looking at was HSBC as an offshore account. I understand the rate of interest to be low, but given the size of the bank, and I've heard they operated on a conservative approach over previous years, are HSBC worth putting a deposit into?

I was strongly thinking of setting up a UK euro HSBC account and then using HSBC offshore based from the euro account. This allows changes to other currencies if ever needed in a rush.

Can anyone offer any advice on the safety of HSBC offshore banking?

Thanks