A guide to smart global savings

As non-residents are often required to be physically present to open a domestic bank account, the chances are you might only start this process once you’ve arrived in your new home. This inconvenience and delay can be avoided by opening an international bank account with a global bank like Standard Bank that allows you to get a banking facility in place before you arrive.

Aside from daily banking services, a popular add-on is a savings account that allows you to put aside some of your income for a rainy day or as part of your financial plan. Being able to save in a foreign currency – whether you actively live abroad or not – is a prudent move that can help take the sting out of local inflation; as well as exchange rate fluctuations.

The biggest challenge when looking to save offshore is finding an account that works for you. This article looks at three common scenarios; global clients experience, and how saving accounts available from Standard Bank Offshore can help you.

1. Managing cross-border income streams

If you have diverse income streams, you might be looking for an interest-bearing savings account to hold funds received from different sources. For instance, you might be working in one country, earning rental income from another, or receiving interest or dividends from international investments.

Whether these are regular or occasional payments, our Offshore Moneymarket Call Account is a solid option that allows you to accept deposits and earn interest on your balance.

And, because you have immediate access to your funds, you can use this account to make payments without notice. Available in GBP, USD, and EUR, the Offshore Moneymarket Call Account enables seamless transactions between accounts, simplifying your cross-border income streams and payments.

Offshore Moneymarket Call Account:

• Minimum Opening Balance: £25,000
• Access to Funds: Unlimited
• Currencies: GBP, USD, EUR
• Features: Offers immediate access to funds, digital access via online banking and the mobile app.

2. Currency volatility

Exchange rate fluctuations can significantly impact your finances, particularly if you earn and save in different currencies. The ability to save in a stable currency or diversify your currency exposure can help to mitigate the impact of volatile exchange rates.

One of best ways to avoid losses because of a volatile currency is to make a deposit into a fixed term account. This places your funds into a major currency where it can earn interest for the duration of your deposit.

Our Fixed Term Deposit is available in GBP, USD, EUR, AUD, and ZAR, with the option to choose a fixed term ranging from 3 to 12 months.

Fixed Term Deposit:

• Minimum Opening Balance: £10,000 (or £25,000 for terms less than 6 months)
• Access to Funds: On maturity
• Currencies: GBP, USD, EUR, AUD, ZAR
• Features: Fixed rate of interest for terms from 3 to 12 months, with the ability to automatically roll it over for a further term at maturity, digital account management, and no early withdrawals (except in exceptional circumstances with charges).

Our International Saver Account is similar in nature to the Fixed Term Deposit, but with a greater degree of flexibility. This account allows you to choose a notice period ranging from 36 to 396 days, with your funds becoming available once the notice period has passed.

Unlike the Fixed Term Deposit, you can make additional contributions into your notice saving account.

International Saver Account:

• Minimum Opening Balance: £10,000
• Access to Funds: 36 to 396 days notice required
• Currencies: GBP, USD, EUR
• Features: Flexible notice periods offering higher rates for longer terms, unlimited deposits, no minimum withdrawal amount, and digital account management.

These savings accounts are your best option if you have a long-term mindset and won’t need immediate access to your funds.

3. Financial safety net

A prudent strategy that helps you avoid financial stress events is to build up an emergency fund. This takes on a greater importance when you’re working or living abroad if you don’t have your traditional social safety nets to fall back on.

One of the most important considerations for an emergency fund is that those funds should be available immediately, or at short notice, to take care of any unforeseen situation.

The Offshore Reserve Savings Account offers immediate access, albeit restricted to four withdrawals a year, but also has a low opening balance and is available in GBP, USD, EUR, and ZAR.

Offshore Reserve Savings Account:

• Minimum Opening Balance: £3,000
• Access to Funds: 4 free withdrawals per year
• Currencies: GBP, USD, EUR, ZAR
• Features: Low entry level, unlimited deposits, half-yearly interest payments, and digital account management.

Saving money isn't just about placing it in a bank. It's about strategically using global opportunities to increase your savings and secure your financial future.

We invite you to explore our savings options on our website to find one that is best suited to your needs and goals.