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Halifax International Regular Saver

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i have been looking at a regular saver acount for a while and have found this (8% AER**/gross*p.a. fixed for the year.)
http://www.halifax-international.com/Savings/regular-saver.asp
its looks too good, so there must be a catch, all i can see is that you can't withdraw without penality, other than that it seems pretty good.
i did go through the application information and was thrown but a tax question as it is a off shore acount, can anyone shed any light?
anyone one want to share their thoughts? safety?
WN

Comments

  • Reaper
    Reaper Posts: 7,353 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    The catch is that it is an off-shore account and therefore is not covered under the FSCS. The Isle of Mann does have an equivilent scheme but I doubt their pockets are as deep if things turn bad.
  • nico26
    nico26 Posts: 823 Forumite
    Reaper wrote: »
    The catch is that it is an off-shore account and therefore is not covered under the FSCS. The Isle of Mann does have an equivilent scheme but I doubt their pockets are as deep if things turn bad.

    I spoke to HBOS offshore two days ago and was inflormed that they are covered for 50k single and 100k joint.Jersey is not Make sure you open it up in Isle of Man


    Depositors Compensation Scheme in Isle of Man

    Deposits made at Isle of Man branches of Bank of Scotland plc and Bank of Scotland International Limited are covered by the Depositors' Compensation Scheme contained with the Compensation of Depositors Regulations 2008 (as amended).
    The scheme compensates people who have money in current and deposit accounts in the Isle of Man with up to a maximum of £50,000 of net deposits* per individual depositor per licensed deposit taker. This means that a maximum of up to £50,000 compensation is payable per individual depositor per licensed deposit taker, irrespective of which country they live in
  • cheers,
    i want to apply online, how can i specify that i have it based in the IoM?
    WN
  • nico26
    nico26 Posts: 823 Forumite
    WN
    I am not exactly sure how you would do it.I think it would be best if you maybe gave them a quick call just to be on the safe side. Better making 100% sure .My money was in jersey and had to phone to get it sorted out and it was no problem.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    ...how can i specify that i have it based in the IoM?
    I don't think you have an option...
    All accounts are held at the Isle of Man Branch of Bank of Scotland International Limited...
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