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Offshore savings bank Alliance & Leicester International is offering customers a new internet savings account.
The "eSaver Offshore" account is the first of its kind in offshore banking because it enables customers to participate in an online application process without requiring a manually written signature.
As well as being able to buy and manage their accounts online, customers will be able to take advantage of a competitive rate of 6.15 per cent gross (AER).
Simon Hull, managing director of Alliance & Leicester International, commented: "The new process brings a much needed real time element to offshore banking.
"Historically, the offshore market has lagged behind onshore, but with the launch of the e-saver offshore account, customers really will be able to apply for and access their savings account any time, anywhere."
The account requires a minimum balance of £1,000 and a maximum of £1 million.
Interest on the account is payable annually, with no monthly interest option.
Offshore banking is no longer the exclusive preserve of super-rich private individuals.
Many SMEs in the UK benefit from the tax rules governing offshore bank accounts, as interest is paid gross without income tax being deducted.
Although the interest still has to be declared as income, the time deferral involved can benefit businesses financially as the account can earn interest on the gross and therefore produce a bigger final sum.
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