Interest on offshore euro accounts falls

Of the 30 plus offshore no notice and notice savings accounts surveyed, more than half pay less then 1% interest on deposits of €50,000, while two accounts have ceased paying any interest at all. The 0.26% drop in the average interest rate on offshore Euro accounts is marginally higher than the 0.25% reduction in the European Central Bank (ECB) rate over the same period, which now stands at 1%. Successive cuts in the ECB rate is inevitably having an impact on the rates of interest banks are able to offer, says Laura Preston of Investec in Guernsey. "However, it is unbelievable to s...