Domestic savings accounts are, more often than not, exactly what the average consumer needs when seeking to store their money securely. Depending on how customers want to use their money, they can deposit it in to an interest-yielding account that allows a limited number of withdrawals each year, all for the purpose of making as much money from their balance as possible. Other customers can have unfettered access to their savings with the ability to withdraw as much money as they like, as often as they like. It is true, however, that such savings accounts tend to yield much fewer dividends.

There is another type of savings account available, however, which is known as an offshore savings account. This type of account is set up with a bank that is situated outside of one’s homeland. For the most part, banks that offer offshore savings accounts also do most of their business outside of one’s country.

While offshore savings accounts are not technically illegal, they are often employed to covertly store money and other assets for purposes of withholding them from taxation, among other things. However, they are also used as a simple savings account, especially by people who engage in a fair deal of globetrotting as a result of business travel or owning several homes internationally. For the most part, the owners of offshore savings accounts report their accounts as required by their respective country’s tax law.

Offshore savings accounts are highly prized due to the favourable amenities offered by many of these banks. The accounts themselves tend to be interest-bearing, and offshore accounts are recognised in the banking industry as providing some of the highest interest rates in the world. This translates into more money earned and more savings overall. Certain offshore banks will also apply an extra measure of calculating the account holder’s tax-related data for reporting when taxes come due.