Offshore Savibgs Accounts

Egor2307

My son is working/living in Japan on a rolling work visa.  He wants to open fixed term savings account.  Only option seems to be offshore accounts.  Any recommendations and are they safe?

eskbanker

Depends how you define 'safe' - they'll generally be covered by deposit guarantee schemes where they're domiciled, but such a scheme in, say, Guernsey, is unlikely to be as robust as one in the UK.  Is saving in Japan an option for him?

Egor2307

Thanks, not really looked into Japanese savibgs accounts.  I have found Skipton International abd they're offering 5% on 1 year fixed bond savibgs account.  They're based in Guernsey and funds 'protected' under Guernsey protection scheme (£50k)

dunstonh

Thanks, not really looked into Japanese savibgs accounts.

As your son is a tax resident of Japan, then Japan would be the first place to look.
Just as a UK resident looks at UK banks.

poseidon1

dunstonh said:

Thanks, not really looked into Japanese savibgs accounts.

As your son is a tax resident of Japan, then Japan would be the first place to look.
Just as a UK resident looks at UK banks.

Japanese yen deposit interest rates are appalling. Typically 0.020% on 1 week deposit rising to the lofty heights of 0.150% for 3 years fixed! 

Not surprising given B of J's official rate is currently 0٪ to 0.1% after 8 years of negative interest rates.

Japan's banks are the very last place for the savings of foreigners.