International banks offering deals for expats

by Ray Clancy on March 29, 2012

More international banks are introducing savings accounts for expats

With bank interest rates remaining at record low levels more international banks are introducing new savings accounts with the aim of attracting expats who often want easy access to their money.

As it seems unlikely that base rate will do anything over the next year, or indeed even before the end of 2014 according to current predictions, then tracker accounts are becoming less popular.

Base rate tracker accounts are common onshore, but less so offshore. Nationwide International withdrew its offering, Base Rate Tracker Premium, late last year.

The new Alliance & Leicester International Variable Rate Tracker account comes with conditions just like those on fixed rate accounts. But savers cannot get at their money during the first year.

Easy easy access accounts, such as Alliance & Leicester’s Bonus account, are becoming popular. They have a lower interest rate that a fixed account or a tracker but have the flexibility to enable a saver to move money to new deals.

And if base rate does make an unexpected climb upwards in the next year, the rate on a variable easy access account should move upwards too.

Expat savings bank AIB International Savings has just released a variable rate 60 Day Saver account available in Sterling, Euro and US Dollars. It says it is focused on providing savings accounts with offshore interest rates that are highly competitive in the Offshore Market and the 60 Day Saver is the latest in a range of ‘best buy’ savings products available.

‘The 60 Day Saver is already proving popular with expatriate savers. The competitive interest rate reflects our ongoing commitment to provide outstanding value products and choice to our customers,’ said Gary Quaggan, head of retail service and operations at AIB International Savings.

The Sterling interest rate is currently 2.6% gross p.a./AER with Euro offering 2.45% gross p.a./AER and US Dollar at 1.90% gross p.a./AER for balances from 5,000 in the respective currency.

AIB International Savings is based in the Isle of Man and provides a range of products from instant access through to fixed term savings accounts for expat savers and Isle of Man residents.

AIB International was recently names Best Offshore Bank for Expats at the Nexus Expat Network awards. The judges based their decision on which banks offered consistently good offshore rates throughout 2011.

‘With interest rates so low, it is all the more important for savers to look out for those savings account providers which consistently offer better rates than the norm,’ said judge Iain Yule.

AIB International Savings was also the winner in the three sub-categories categories: sterling instant access accounts; US dollar accounts; and euro accounts.

‘Product diversification is imperative in today’s market place. We pride ourselves in being able to deliver both fixed and variable savings products within all three major currencies to both new and existing customers,’ said AIB managing director David MacGregor.

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