A&L Isle of Man - 6.51%

l33tsp33k

Hi MSErs

Alliance & Leicester Isle of Man (www.alil.co.im) have recently increased the rate on their eSaver Offshore to 6.51%...

Plus points:
- good interest rate
- part of A&L so hopefully less likely to go bust than some of the tinpot offshore operators
- instant access
- no need to visit the Isle of Man to open an account
- interest paid gross (if you fill in a form allowing them to give your details to the Inland Revenue - note if you are UK resident you still have to pay tax on the interest as you would if you had an account in the UK, but you don't have to pay the interest until 31st Jan after the end of the tax year)

Minus points:
- 1000 pound minimum balance
- not protected by FSA, protected by Isle of Man depositors scheme (not as good)

I have no association with them other than being a satisfied customer...

M

Jonbvn

And UK savers can get a better rate onshore AFAIK.
Edit: My above statement was wrong. I claim diminished responsibility due to extended consumption of liquids (beer);-)

Don't see the point of offshore a/c's for UK tax residents?

l33tsp33k

Hi

Where can you get better than 6.51% onshore, in a no-notice, not fixed rate, not regular saver account? (this is a genuine question!)

The best I can see on Martin's savings page is B&B's "limited edition" at 6.4%, unless you're a crumbly over 60 in which case Coventry BS gives you 6.5%.

There is no benefit to the account being offshore for UK residents, you still pay the same tax (eventually) as if it was onshore. The point is it's a better interest rate...

Mike

ManAtHome

Dead right - best is B&B at 6.4% (and that's pretty recent). Looks like things may be on the move again...

OY - I'm a crumbly!!!

ukdutypaid

Sorry Man at home you don't appear to have answered the question.

Where can you get better than 6.51% onshore.
The comment about B&B was a statement, or a rhetorical question at least.
Nor were you beig referred to as a crumbly...
That was a jokey refererence to the Coventry over 50's account...

The only possible restriction to the A&L account appears to be, as first poster says, that there is a minimum transaction value of 1,000 (in, out, or to open).
Plus it's not subject to the new UK financial compensation scheme but that of the IoM's

"75% of the eligible protected deposit liability, subject to a maximum compensation payment to any one depositor of £15,000".

Other than that, yes we like that one, don't we..... Yes, we do.

l33tsp33k

ukdutypaid wrote: »

Sorry Man at home you don't appear to have answered the question.

...it wasn't Manathome who made the original comment, and Jon has already blamed his post on excessive beer consumption. :beer:

Anyway, play nice, can anyone find a better rate (whether onshore, offshore, in a piggy bank..?!)

Mike