The Economy News has researched the offshore savings account offerings of a number of UK banks. The Lloyds International offering wins on simplicity and service. Opening an offshore account can be a daunting task however this is definitely the account to go for if you are taking your first steps offshore.

Offshore banking and offshore saving has, since the start of the global credit crisis, has seen its risk factor rise.

The Icelandic banking collapse hurt a lot of international savers many of whom lost all their savings and are still attempting to receive compensation.

However those banks backed by the UK government have proven to be safe bets, banks such as Lloyds Banking Group and RBS are too big to fail and therefore offer an attractive stability makes international banking a more attractive option for the everyday consumer.

Importantly the ease of opening a bank account offshore need not be difficult and the initial costs and outlays can be low. (see table above, but please also look at what to look out for in the left column).

The Lloyds TSB International account has the lowest initial deposit requirements of any of the major offshore accounts at £100 and has no subscriber fee for 3 months, and this is why Lloyds International is a good place to start.

Research Into Global Reach and Service

When researching the various international bank accounts we discovered Lloyds TSB has significant global reach, second only to HSBC.

Their customer service at the International Account division is also highly recommendable:

We contacted the South African offices of Lloyds International posing as a South African citizen keen to open an account. We found responses were prompt and back up communications were quick and detailed.

We were also in correspondance with another of global offices and the service was of a similar high standard.

Importantly the application process has been streamlined and the same applications process is applicable to all eligible nationalities.

Documentation

As always opening a bank account does require the relevant documentation. The following information will be asked for in the online application process:

details of your income, including salary and investments your existing bank account details

details of your addresses over the last 3 months

your current passport or identification card number

Lloyds sends an email informing you of what documentation is required to complete the form. Typically however the usal documents will be required:

Proof of identity Proof of address Proof of income