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4 Jul 2020

News

Landsbanki takes the savings market by storm

Following Landsbanki’s successful entry into the UK savings market last week with its market leading account from Icesave, it has now taken the offshore market by storm. Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments:

“Today Landsbanki Guernsey has announced a full revamp of its offshore savings range, following its recent takeover of Cheshire Guernsey. With interest tiers removed and rates increased by as much as 0.61%, it makes their offshore savings package hard to beat.

“Although the accounts do not top all of the best buy charts, their notice, fixed rate, monthly interest and no notice accounts all feature in the moneyfacts.co.uk top 6. So for anyone looking to spread their savings with one provider, Landsbanki offers a good choice of accounts with very competitive returns.

“This year, competition in the offshore market has been rife, with new players such as Zurich Bank hitting the market and existing providers upping their game with market leading rates.

“Offshore banking may still hold the stigma that it is only advantageous for very wealthy individuals looking for tax breaks, but this is most definitely not the case.

“With low minimum opening balances and a wide range of account terms, the offshore market is now open to a much wider audience. Application and operation is simple and can often be done through a variety of channels including, post, fax, telephone and internet.

“With many providers turning their attention to the offshore market, it is certainly recognition of its growing popularity. With more and more people investing, living or working overseas, its good news that providers are looking after this niche and potentially affluent market.”  

Offshore Savings - Notice Accounts

Company

Account

Notice or Term

Deposit

Gross

AER

Landsbanki Guernsey

International Tracker 90

90 Day

£10,000

5.21%

5.21%

Anglo Irish Bank Isle of Man

Privilege 90

90 Day

£5,000

5.20%

5.20%

Alliance & Leicester International

Offshore 120 Plus

120 Day

£10,000

5.20%

5.20%

Anglo Irish Bank Isle of Man

Privilege 30

30 Day

£5,000

5.15%

5.15%

Landsbanki Guernsey

International 60

60 Day

£10,000

5.11%

5.11%

Anglo Irish Bank Isle of Man

Privilege 7

7 Day

£5,000

5.10%

5.10%

Offshore Savings - Fixed Rate Accounts

Company

Account

Notice or Term

Deposit

Gross

AER

Bank of Scotland International

International Fixed Rate

1 Year Bond

£3,000

5.61%

5.61%

Landsbanki Guernsey

Fixed Rate Bond

12 Month Bond

£10,000

5.61%

5.61%

Bank of Scotland International

International Fixed Rate

2 Year Bond

£3,000

5.55%

5.55%

Bank of Scotland International

International Fixed Rate

3 Year Bond

£3,000

5.55%

5.55%

Bank of Scotland International

International Fixed Rate

4 Year Bond

£3,000

5.35%

5.35%

Bank of Scotland International

International Fixed Rate

5 Year Bond

£3,000

5.35%

5.35%

Offshore Savings - Monthly Interest Accounts

Company

Account

Notice or Term

Deposit

Gross

AER

Anglo Irish Bank Isle of Man

Privilege Income

7 Day

£5,000

5.00%

5.12%

Singer & Friedlander (IOM)

Base Rate Tracker 180

180 Day  

£25,000

4.90%

5.01%

C&G Channel Islands Ltd

Guernsey 60

60 Day

£10,000

4.89%

5.00%

Landsbanki Guernsey

International 60

60 Day

£10,000

4.89%

5.00%

Bradford & Bingley International

Income 180

180 Day  

£25,000

4.80%

4.91%

First Active Bank (CI)

Offshore 60 Day Notice

60 Day  

£10,000

4.79%

4.90%

Offshore Savings - No Notice Accounts

Company

Account

Notice or Term

Deposit

Gross

AER

Irish Nationwide (IOM)

Instant Quarterly

None

£25,000

5.10%

5.10%

Anglo Irish Bank Isle of Man

Privilege Access

None

£5,000

5.05%

5.11%

Alliance & Leicester International

Island Easy Access

None

£10,000

5.05%

5.05%

Zurich Bank International Ltd

The Zurich Reward Account

None

£5,000

5.00%*

4.92%

Nationwide International

Base Rate Tracker

None

£5,000

4.95%

4.95%

Landsbanki Guernsey

International Access

None

£10,000

4.81%

4.81%

 

* = Introductory variable rate for a limited period.

 

Source: www.moneyfacts.co.uk                         Figures correct at 31.10.06

Moneyfacts
NOTES TO EDITORS:

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

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