Expatriates losing out on Savings
(1/3/2006)
Millions of pounds of expatriate savings are sitting in low-interest accounts paying less than the UK inflation rate.
Many offshore accounts pay less than 1.50 per cent gross, according to Derbyshire Offshore, which means that your money is actually decreasing in real terms.
Derbyshire says that a common problem is large balances in ordinary current accounts, which generally pay only a nominal rate of interest. A typical UK high street clearing bank could be paying you as little as 1.49 per cent on a balance of over £100,000.
On a balance of £150,000, Derbyshire Offshore estimates your loss could easily be nearly £400 per month or over £4500 per annum.
Darren Ashley, Managing Partner of Candour Consultancy comments, “From fixed interest and notice deposit accounts for those who purely want a better interest rate for their savings to capital protected funds and investment bonds for those looking to achieve returns in excess of those offered by bank accounts, we offer a product for every offshore saver”.
Darren continues, “Additionally, we have recently launched a wealth management package which is designed for those who are holding over £200,000 (US$ 300,000, Euro 300,000) in savings accounts and/or a variety of savings and investment products who wish to maximize the return on their hard earned savings and are concerned about future income, capital gains and inheritance tax liabilities”.
Should you require details of the interest rates currently on offer, simply click the ‘contact me’ button below, type RATES in the subject box and submit with your preferred contact details.
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