How much do you really know about offshore banking?

Skipton International has launched a quiz which aims to inform people about offshore savings.

The quiz, which is hosted on the Skipton International website, tests savers’ knowledge of offshore banking, with answers explaining what an offshore account is, who can have one, and how someone can open one.

Typical reasons for opening an offshore account include personal service, attractive products, and a bank and jurisdiction having a good reputation. The quiz dispels myths such as the idea that if you have an offshore savings account you do not have to declare your income from it!

Opening an offshore savings account with Skipton International can take as little as one to three working days. You can open an offshore savings account from the comfort of your own home (so don’t have to travel overseas and personally visit the bank), and accounts are available to British expats and Channel Island residents.

Jim Coupe, Managing Director, Skipton International, said: “There are a lot of myths around offshore savings accounts. This quiz is designed to address a few commonly asked questions, and to dispel some of the myths about who can have the accounts and what they are for.

“We understand the difficulties British expats can face obtaining offshore savings accounts so make the process as straightforward as possible. This, coupled with our personal service and over 20 years’ expertise in offshore banking, ensures we remain a leading offshore bank.”

Skipton International offers a range of accounts, with competitive interest rates, for Channel Island savers and UK expats in over 100 countries. The Guernsey-registered bank won the Moneyfacts Award for Best Offshore Account Provider 2016, a category it was also Commended and Highly Commended for in 2014 and 2015.

At the end of 2015 Skipton International reached £1.075 billion of deposits, making it equivalent to the 12^th biggest building society in the UK.

Skipton International is also currently Guernsey Business of the Year, an award which recognises the company’s commitment to customer service, staff development, and support for the local community.