Contact: Abbey National Offshore, PO Box 150, Carrick House, Circular Road,
Douglas, Isle of Man, IM99 1NH. Phone: +44 (0)1624 644800 Fax: +44 (0)1624
644691 E-mail: customerservices@abbeynationaloffshore.com

2. Alliance and Leicester International

The Alliance and Leicester International is one of the largest offshore deposit takers in the world with over 20,000 account holders spread across over 100 countries. Why did the Alliance and Leicester International set base in the Isle of Man? It seems the answer is a simple case of “the island has a strong regulatory environment that has brought great economic stability, a fact recognised by Standard & Poor’s awarding the island a AAA rating.”

The building society has four sterling accounts and one dollar account. You can open its Offshore Call Account with just £10. You get penalty free, unlimited access to your savings and its competitive interest rates are paid out annually. The interest on £0-4,999 is three per cent.
Its International Base Rate Tracker Account has a minimum balance requirement of £5,000 and calculates interest dependent on what the Bank of England is doing. If there is a change in the BoE base rate then so there is a change in your interest rate. And, until the 31st December this year, it will give you an extra 0.25 per cent above the BoE base rate on your savings. The account also allows you to make up to five withdrawals a year free of charge.

The Anniversary Variable Account, is awarding winning, Moneyfacts announcing in May this year that it had been placed first in the 30 day notice category, in its inaugural Offshore awards. The account can be opened with a minimum of £10,000. Bearing in mind the account does have a 30 day notice clause, it also offers you the chance to withdraw up to 25 per cent of the capital balance in any 12 month period free of any penalty.

And for those of you who are sure that you don’t need to get your hands on any money for a while it has the 180 day account. This too has a minimum balance requirement of £10,000.

Contact: Alliance and Leicester, PO Box 226, 19/21 Prospect Hill, Douglas, Isle of Man, IM99 1NH. Phone: +44 (0)1624 663566 Fax: +44 (0)1624 663577 E-mail: marketing@alliance-leicester.co.im

3. Bank of Scotland

According to the Bank of Scotland website; “If you're an expatriate, an international investor or a company that trades, invests or employs overseas, Bank of Scotland through its offshore operations in the Isle of Man can provide access to the offshore financial products and services designed to deliver valuable returns.”

Returns on you money is what the Bank of Scotland Offshore Limited prides itself on with a host of products designed to get your money working. The biggest difference here is that you will need a minimum of £5000 to invest in their Instant Access Savings Accounts. Although for this you do get a guaranteed fixed interest rate. As the bank itself puts it “enjoy the best of both worlds with a Bank of Scotland Instant Access Savings Account - a guaranteed interest rate for balances over £5,000 PLUS instant access to your money.”

Its save and invest schemes is offered in association with Scottish Provident International’s capital investment portfolio. It works like this. You open a Save + Invest account (in sterling or dollars) with a minimum of £13,000 or US$20,000. The account compromises of two parts: the save part is a one-year bond offering an attractive guaranteed fixed rate of interest and the invest part is the chance to create your own investment portfolio in a plan legally structured as a life assurance policy.

According to the bank “It's not only easy to operate but flexible, allowing you to switch funds, make investments in any currency and receive regular payments if you choose. And the best part? There's no liability to tax on the income or capital gains, so your investment grows tax-free.” Please note that withdrawals from the bond are subject to a fee of five per cent of the amount withdrawn.

Lastly, the Bank of Scotland also offer a selection of call and fixed term deposit accounts. We can’t give you interest rates on these because unlike other offshore deposit takers, the interest is related to the Money Market. For fixed term deposits there is an account minimum of £25,000 or US$50,000 and for call deposit accounts the minimums are £50,000 and US$75,000. The accounts are also available in Euros.

For more information you can contact: Bank of Scotland Offshore, PO Box 19,
Bank of Scotland House, Prospect Hill, Douglas, Isle of Man, IM99 1AT OR,
call us +44 (0) 1624 644 040.

4. Britannia International

According to Britannia International it “opened its first branch on the Isle of Man in 1988, in order to be able to offer overseas customers the special benefits of investing offshore. In 1990 this branch, now a formal subsidiary of the building society, received a Section 3 Banking Licence enabling it to pay interest gross to all its investors, including UK residents.”

Britannia International offers offshore savings and investment accounts for expatriates and is the offshore subsidiary of Britannia Building Society. It has branches in both Douglas and Ramsey in the Isle of Man. With a comprehensive range of accounts, Britannia cover the whole market.

The rate tracker plus offers high interest rates on balances between £10,000 and £1,000,000. The account gives you one penalty-free withdrawal of up to 25 per cent of the balance up to January 2002, thereafter you can make unlimited penalty-free withdrawals by giving 30 days notice or you can withdraw fund immediately subject to a penalty equivalent to 30 days interest on the amount withdrawn. There is a minimum withdrawal of £500.

The direct saver account offers competitive interest rates, pentalty-free access to the account up to four times a year and has a minimum deposit of £5000.

For higher rates of return there are 90 day notice and a 30 day notice accounts both with an minimum opening balance of £1000. And then there is the flexible Instant Access Account with a minimum deposit of £250. All Britannia accounts have the option to have your interest paid monthly or yearly.

Contact: Britannia International, PO Box 58, 1-4 Goldie Terrace, Douglas, Isle of Man IM99 1DT. Phone:+44 1624 681100 Fax: +44 1624 681105 Email: enquiries@britanniainternational.com

5. The Derbyshire

John Beswarick, director, the Derbyshire Isle of Man, believes that the Isle of Man is the ideal place to house The Derbyshire’s offshore facilities, “Regulation is an essential element in ensuring security. Regulation means that customers can rest assured the bank is running its business in a correct and proper manner. All the UK offshore jurisdictions are well regulated, but The Isle of Man currently is viewed as having one of the tightest overall control regimes. This means customers can be reassured their money is in safe hands.”

The Derbyshire’s pride and joy is its Base Rate Tracker Account.(sterling). It pays Bank of England Base rate on all deposits, irrespective of size and until next July there is an additional interest rate bonus of 0.10%. The account is instant access with minimum transaction levels of just £100. According to Beswarick, “the account has been designed to be as transparent and easy to operate as possible. The results seem to have justified this - it is now the Derbyshire's most popular account and it has recently won best account for no notice savings from Moneyfacts, the highly regarded independent analysts, at £10,000 and £25,000.”

It also offers the standard accounts, such as an instant access account with a minimum balance of £1000, a 90 day notice account and a 60 day notice account subject to the normal penalities if one has to withdraw morning in an emergency; a term deposit account which fixes an interest rate irrespective of what happens in the financial markets; and finally a monthly interest account in which investors can receive a competitive rate of interest coupled with a 28 day notice flexibility.

So why would we choose The Derbyshire above anyone else, “the Moneyfacts awards are evidence of the consistency of the rate offered. Consistency is very important, as expats do not want to be constantly changing accounts. Secondly, as a subsidiary of a mutual, the Derbyshire Isle of Man is committed to consistently giving the customer the best deal in rate and service terms in a manner which non-mutuals usually cannot match, says Beswarick.

Contact: The Derbyshire (Isle of Man) Limited, PO Box 136, HSBC House, Ridgeway Street, Douglas, Isle of Man, IM99 ILR.Phone: +44 (0)1624 663 432 Fax: ++44 (0)1624 615 133 E-mail: info@derbyshire.co.im

6. Bradford and Bingley International Limited

The Bradford and Bingley maintain they stand out because; “we have a specially designed computer system manufactured and installed on the Isle of Man produces and retains all documentation within our Island office. This provides the basis for a prompt and efficient customer service and gives Bradford & Bingley International total autonomy from the parent in the UK.”

It offers sterling deposit accounts ranging from ‘access with no notice’ to one hundred and eighty day notice accounts. Minimum deposits start at GBP£10,000. The Island access account offers a good return and ready access for a minimum deposit of GBP£10,000. You can add to or make withdrawals from your account at any time without having to give notice and without penalty (please note however that withdrawals in excess of GBP£100,000 require one full working day's notice). The minimum additional deposit is GBP£250.

The Island Notice Account with a minimum balance of GBP£25,000 offers a good rate of interest in return for only 30/60/90 days notice in writing for withdrawals. You can have instant access to your funds should you need it – but it is subject to 30/60/90 days loss of interest on the amount withdrawn. You are free to make additions to your Island Notice Account at any time.

Please note that its Income 180 account is no longer available for new accounts to be opened.

The US Dollar Deposit Account offers a good rate of interest and you can make withdrawals with only 7 days' notice. Interest rates are "tiered", so the more you save, the more interest you earn.

The minimum deposit is US$10,000 and the maximum balance permitted is US$1,500,000, although this may be exceeded by prior agreement.

For further information on these accounts please contact: Tel: +44 (0) 1624 695000, Fax: +44 (0) 1624 695001; Rate line: +44 (0) 1624 695002, email: enquiries@bradford-bingley-int.co.im

7. Irish Permanent International

According to the age old building society, “The Isle of Man has become one of the world's most important offshore banking centres thanks to three factors: its prime location, the favourable tax legislation and also the reputation for integrity the island has earned.”

Irish Permanent’s operation in the Isle of Man consists of International Banking Services, International Managed Funds and Trust and Corporate services. The International Banking Services include a range of offshore savings accounts, share dealing (execution only), international payments, foreign currency conversion service, to name a few.

Irish Permanent International offers a wide range of Deposit Accounts. The main features of each account are listed below, but if you need assistance Call Accounts are Instant access, have variable interest rates and available in In Irish Pounds, Sterling, Euro, US Dollars and other major currencies. The minimum balance is £100 or equivalent (no maximum).

Fixed Term Accounts – are available in Irish Pounds, Sterling, Euro, US Dollars and other major currencies. They have guaranteed interest rates, a minimum balance of £500 or equivalent (no maximum and the interest is paid or reinvested on maturity. Withdrawals available on only on maturity.

Offshore 30/60/90 - a 30, 60 or 90 day notice Sterling account (60 day also available in Irish pounds). The accounts offer tiered variable interest rates. Minimum balance is £5,00 or equivalent. There is instant access available, subject to interest penalty. And there is a monthly income option available (sterling only).

Offshore Guaranteed Bonds – gives you the option of various term options in Irish Pounds, Sterling, Euro, and US Dollars with guaranteed interest rates. A minimum balance of £5,00 or equivalent is required and interest is paid on maturity. Income options are available.

Contact: Irish Permanent, St. James's Chambers, 64A Athol Street, Douglas, Isle of Man IM1 IJE Phone: +44 1624 641 641 Fax: +44 1624 676795 Email: mail@irish-permanent.co.im

This article frst appeared in the September 2001 issue of UAE MONEYworks Magazine.