Offshore and Onshore Savings Account.

[richardm1964]

Offshore savings account is similar to onshore savings accounts. The main difference is that, the interests generally paid by offshore banks are without tax deductions.It is an advantage to individuals who do not pay tax on worldwide income. Pl.comment and add more to my above post.

 

[mneilson]

The main difference between offshore and onshore investment accounts is taxation. But there are other benefits in offshore savings account as well. offshore banks normally provide wider choice of the investment products.There is investors protection laws , more privacy and secrecy.some offshore banks operate with lower costs and can provide higher interest rates than the rates of onshore banks, due to reduced expenses and less government intervention.