Opening an offshore bank account has become a decision that many people are willing to make lately. One of the main reasons of having a foreign bank account is that it offers benefits that a local personal bank account doesn’t. Offshore banking may be extremely useful in both: corporate and personal usage.
Choosing the right online banking provider requires some thinking about the critical qualities wanted from a bank. As more and more people are looking for security and time saving solutions, iSavings bank has been established to provide safe, reliable and easy online banking.
Online savings account – how does it work?
Usually online savings accounts are located outside the holder’s country of residence. Offered by many high street banks and building societies as well as private banks, most of the foreign bank accounts are available to savers that are based in the Hong Kong, Singapore, Channel Islands, the Isle of Man, Comoros and other.
Foreign accounts are very useful for those who work or live abroad, regularly travel overseas or hope to retire to another country. The ability to save in the same currency in which, for example, you are paid or expect to fund your retirement, removes the risk of losing out on exchange rate fluctuations.
iSavings offers to hold & save funds in three different currencies: EUR, USD and GBP. Anyone that is over the age of 18 is eligible to open an account. When it comes to the deposit, most of the banks have the requirement of investing at least 5,000 EUR, USD or GBP. iSavings bank require a minimum deposit of just 500, which makes it very easy to open an account.
What can be earned from using iSavings bank?
iSavings bank accounts are available with fixed interest rates and gives the possibility to save up to 7.9% annual fixed term savings. Depending on the size of your deposit, monthly/quarterly interest payout are transferred directly to your linked personal bank account.
How do I open an online account?
Opening an account with iSavings is much easier & faster comparing to many other online banks. Opening process requires to complete the registration form and to perform ID verification using your passport or ID card. Once the ID verification has been completed successfully, the account is opened and first initial deposit can be created.