Britons abroad miss out on offshore savings

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by Gill Montia

Research from Alliance and Leicester International (A&LI) indicates that Britons moving overseas are hopeful of major changes in their living conditions.

Around 20% of respondents to the bank’s survey cited rising crime levels as a reason for emigrating, while 55% wanted to improve their lifestyles.

Fifty-one per cent were seeking a better standard of living and a substantial number had had enough of the UK’s weather and system of taxation.

However, Simon Hull, A&LI’s managing director, says that around 70% were discounting a major benefit to moving abroad by not taking out an offshore savings accounts.

According to the Office for National Statistics, around 250,000 Britons moved away from the UK in 2007, an increase of 21% on 2006.

It would appear that only around 30% are making use of offshore savings accounts, which can provide higher returns than onshore accounts.

Mr Hull comments: “With more and more people seeking a fresh start abroad, ensuring your finances are best placed to make the most of your new life should be a key factor when it comes to planning your move.”

Adding: “Offshore consumers should take advantage of Internet banking and the benefits available from an Offshore Savings Account. As well as offering very competitive rates, speedy transfers and 24-hour access to your finances wherever you are, the offshore banking and savings market now offers many of the online facilities available from onshore counterparts, which means that you and your finances can reap the benefits of making a fresh start together.”

Alliance and Leicester, HSBC, NatWest, ING and Lloyds TSB are some of the best known names providing offshore accounts.