Guide to Essential Money Tools

Savings Tools

Money tool - savings account management

Zurich Bank International

To achieve the best possible return on your hard-earned money the bulk of your funds could be in an offshore savings account such as an easy access account or a fixed rate term deposit account.

These products normally pay higher rates of interest than current accounts.
Moving your savings offshore from a UK bank account can also bring benefits such as cost effective currency conversion and the quick and efficient transfer of funds to foreign banks.

Zurich Bank International offers accounts in a range of currencies, with the additional benefit that interest on your savings and investment accounts may be paid gross, without deduction of tax at source; however, you may have a liability to tax elsewhere. 

Although the bulk of your savings can still be in the currency of your home country, you could have some of your accounts denominated in the currency of the country in which you are working or living.

Foreign exchange fees, ATM and credit card charges can now work out very expensive, both for cash withdrawals and, increasingly, for purchases in shops and restaurants and for regular transactions. It makes sense more than ever before to hold a local currency bank account for the payment of small items and for cash withdrawals.

Therefore, Zurich Bank International recommends you hold the bulk of your savings in an offshore high interest account in sterling, euros or US dollars but have a small amount to cover day-to-day expenses in a local currency account. The high interest account can then be used to feed the transaction accounts at periodic intervals.