by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Expat Investor : November 2008
OFFSHORE SAVINGS On your marks, get set, go where? In these days of falling interest rates, expats need to be ever- ready to track down the best paying home for their savings. Whilst it seems that every sterling spender is waiting on the news of a rate cut, sterling savers stand on the sidelines dreaming of rate rises. But you won’t find one analyst or forecaster who is flagging up a trend for sterling base rate to rise further – all the talk is of cuts, or, at the very least, rates remaining at 4.5% for the time being. Which means it’s down to savers * 2008 Winner Best International Private Bank Group Best International Wrap Provider 2007 Winner Best International Private Bank Best International Investment Platform Provider 2006 Winner Best Offshore Bank Best Commitment to Service 2005 Winner Best Offshore Bank Best Offshore Bank Product (FOCUS) Best Internet Service 2004 Winner Best Offshore Bank 2003 Winner Best Offshore Bank Best Offshore Bank Product (FOCUS) 2002 Winner Best Offshore Bank Best Offshore Bank Product (FOCUS) 2001 Winner Best Offshore Banking Product Range The award-winning account that adapts to your needs. Focus * Best International Wrap Provider Focus from Fairbairn Private Bank is a fully integrated banking and investment service that can constantly change to meet your evolving requirements. With a multi-currency bank account, gold status Visa card, fixed term deposits, foreign exchange, share dealing services, investments, lending, structured products and pensions, this is truly a service for everyday life, throughout your life. So if you’re looking for the most adaptable, award-winning account from the Best International Wrap Provider, take a closer look at Fairbairn Private Bank. To find out more about our award-winning wealth management services, call us on+44 (0) 1624 645000 or visit www.fairbairnpb.com distinctly different Fairbairn Private Bank is a registered trade name of Fairbairn Private Bank (IOM) Limited and Fairbairn Private Bank Limited. Fairbairn Private Bank (IOM) Limited is licensed by the Isle of Man Financial Supervision Commission to take deposits and provide investment services. Registered office: St Mary’s Court 20 Hill Street Douglas Isle of Man. The London office is authorised and regulated in the UK by the Financial Services Authority. Fairbairn Private Bank Limited is regulated by the Jersey Financial Services Commission to carry on deposit-taking and investment business. Registered office: Fairbairn House 31 The Esplanade St Helier Jersey. Latest audited accounts are available on request. Authorised and regulated in the UK by the Financial Services Authority in respect of regulated mortgage contracts only. UK Financial Services Authority registration numbers: Fairbairn Private Bank (IOM) Limited 313189 Fairbairn Private Bank Limited 313187 6 EXPAT INVESTOR ? November 2008 expatinvestor.com (EXINV) Fast Facts 99003 “It is always important to read the small print and check out how long the account has been on the market as well as its consistent track record in maintaining consistently good rates. ” And provided you didn’t break the rules of deposit – that is cut short the sum left for a defined period of time – then without losing any sleep over the matter you could expect a pre-agreed sum of money paid into your account by way of the deal. That’s all changing now with the top no notice offshore account providers offering in some cases the highest rates on the market. For savers this is a case of having their cake and eating it. Rates currently on offer on a no notice basis include a handful of deposit-takers offering rates way above 6% for a deposit sum of £2,500 or less. For depositors with larger sums looking for a home, you can expect a more generous rate for sums above £10,000. Now, it is still the case that depositors opting for fixed rate bonds are still reaping the highest rates of interest. To give you two examples – Anglo Irish Bank (IOM) has a 12 Month Bond for depositors with £5,000 with a guaranteed fixed rate of 7.21% and Irish Nationwide (IOM) is offering fixed rate terms as high as 7.10% for its 1 Year Fixed Rate to find the best bargains. The good news is that there are some fantastic account offers on the market with some quality names proving over time they are determined to remain top of the league when it comes to winning rates. Financial institutes all expat savers should be watching closely include Alliance & Leicester International, Anglo Irish Bank (IOM), Bradford & Bingley International, Britannia International, Irish Nationwide (IOM) and Scarborough Channel Islands. As with most things in life, much of the task of sifting through offshore savings accounts – noticing and comparing the detail on type, minimum balances, interest rate penalties – can be summed up as horses for courses. However, with this market some rules have changed. Take the instant access market – now known as no notice sector. It used to be rule of thumb that the longer you could lock your money away, the larger percentage of interest you could expect in return.