Offshore Savings Glossary
Annual Equivalent Rate – illustrates what the interest rate would be if interest was paid and added to your offshore savings account each year.
Interest is paid on an annual basis.
This is where the interest earned on the offshore savings account is added to the capital.
Withdrawal method to either a UK or Channel Island Bank (free of charge & takes 3 working days).
Bed and Breakfast:
The closing and re-opening of an offshore savings account.
Money being paid into the account.
Money can be withdrawn from the offshore savings account without giving notice.
Withdrawal method which offers same day transfer to UK or Channel Island Banks. Also used when withdrawing money to send overseas , however this would not be for same day value
The interest rate on the offshore savings account is fixed for a set period.
Interest is paid without the deduction of tax. The tax treatment will depend on your individual circumstances and may be subject to change in the future.
This is the percentage return that you will receive on your offshore savings.
The date on which either a fixed bond or notice period expires. The date a fixed bond expires
An offshore savings account that requires a certain number of days’ to be served notice before you can make a withdrawal.
The movement of money either into or out of your offshore savings account.
The interest rate paid on your offshore savings account may change over time.
Money being paid out of the account.