Offshore Hot Deposits

Deposit rates are fairly stagnant at the moment, due to a similarly stagnant interest rate environment. Put simply, deposit takers track what base rates are at any one time and tailor their deposit rates accordingly. As a result of not much movement in interest rates, the deposit rates this month have hardly changed from last month. Some decent deals are on offer though, As ever, we have selected a few types of deposit account and ranked the banks/building societies accordingly.

We have picked six categories. We could have cut the data up differently, but the six we chose – best no notice accounts for £5,000, £10,000 and £100,000 and best 30-180 day notice accounts for the same monetary amounts – seemed like a plausible range of deposits that investors would be interested in.

One thing to bear in mind very carefully is what term you can put up with. There are some decent no-notice accounts on offer – as our tables show – but in some circumstances, putting up with a reduced access to your money can pay dividends. Having said that, in some cases instant access accounts actually pay better than some term dates, so a bit of mental juggling is advisable.

Take care in choosing the right deposit account for yours circumstances. You’ll need to look at term lengths and choose the right one for your needs. The offshore world is getting more competitive, and will likely get even more so in the near future. You will lose money if you don’t pay attention to differences in rates – which can vary quite a lot.

A final word of warning: some of the accounts here have exclusions and other restrictions attached to them which we didn’t have the room to go into here. Again, get final details from the companies concerned.