Offshore banking to provide savers with diversified portfolio?

Offshore banking could help individuals develop a diversified portfolio, as one expert observes many are tired of low rates on returns on traditional savings accounts.

Patrick Connolly, head of communications at independent financial advisers AWD Chase de Vere, suggests savers are in "a difficult quandary" as those with private wealth are unlikely to be seeing returns at the same level as before the economic crisis.

The wealth management expert states it is "very difficult" to get an interest rate that will allow money to appreciate after inflation, adding this is the reason many might seek a diversified investment portfolio.

And offshore banking may provide a solution as it could complement bonds or stock market speculation, but is less prey to the fluctuations of world markets.

A recent report from the Fair Investment Company revealed 69 per cent of people are no longer satisfied with the income they make on savings accounts and are willing to consider riskier assets in the future. ADNFCR-2318-ID-800024233-ADNFCR