Offshore Savings FAQs

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  • What are the minimum balances on a Skipton account?

    All accounts have a minimum balance of GBP10,000.

  • What is the maximum balance on a Skipton account?

    The maximum balance on an account is GBP5,000,000

  • Do you offer accounts in Euros / USD or any other foreign currencies?

    No, we only offer accounts in Sterling (GBP).

  • Can I open an account for my child?

    You have to be minimum 18 to open a Skipton account

  • Do you offer any third party payments?

    No we can only pay out to an account in your name.

  • Can the interest rate change once the account has been opened?

    Yes, on all of our access and notice accounts the rates are variable.  Only our Fixed Rate Bond’s guarantee the rate.

  • Can I view my accounts online?

    Yes, but you have to sign up for our online banking.  https://www.skiptoninternational.com/online-apply

  • What is a cooling period in a bond?

    This is a period where you can either add or withdrawal your funds before they become locked in.

  • Can an interest rate change in a bond?

    No, this is a fixed rate bond and the rate will not change until maturity.

  • Can I add additional account holders/third party/power of attorney onto an account? – what is required?

    Yes, you will need to complete an application form found on our forms page here: https://www.skiptoninternational.com/forms-download

  • Does notice need to be served on a notice account?

    Yes, you will be required to serve the “x” amount of days before your funds become available for withdrawal.

  • Can I transfer funds in between Skipton accounts?

    You can transfer to any longer term notice account or to a longer term Bond.  However, you cannot move from one Bond to a longer term Bond as your funds are locked in once the 14 day cooling period has ended.

  • What is a nominated account?

    A nominated account is the beneficiary account we hold on file for you in the event of a withdrawal from Skipton.   This account must be held at a Bank or Building Society and must be in your own name.  

  • Am I responsible for declaring the interest I earn on my account to my local tax authority?

    Yes, you are responsible for declaring any interest earned with Skipton.  Skipton will only pay interest gross and never deduct tax at source.  

  • Is there any charge for making a deposit into a Skipton account?

    No, Skipton International does not charge you for any incoming payments.

  • Are there any charges for withdrawing funds to my nominated account?

    We have two payment methods available when you request a withdrawal. The first is by BACS and takes up to three working days for cleared funds. There is no charge for this service. Alternatively we can offer a CHAPs payment. This ensures the funds will be in your account on the same working day provided the instruction is received by Skipton before 12pm on a working day. The fee for this service is £25.00.

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