A&L Offshore Account - Tax Savings?

cheerfulcat

Hi, Joey,

Many ( most? ) banks and some building societies can offer fixed term deposit accounts with terms from overnight to five years where interest will roll up gross if the deposit is £50,000 or more ( and a couple of other restrictions, I think ). They are not tax-free; the interest must be declared and tax paid in the usual way, just as with the offshore accounts. These accounts are not widely advertised; you have to ask your bank - they are sometimes called money market accounts or treasury accounts. Here's an example - First Trust Bank. Leeds Building Society used to offer access to a money market account too, don't know whether that is still the case.