Standard Bank Offshore has launched a rand-denominated savings account for clients who want to invest offshore.
Rand Offshore Reserve Account.
A savings account offering preferential interest rates in rands (available in United States dollars, pounds and euros).
As with any savings account, you can make deposits and withdrawals and you earn interest. Interest is calculated on your account balance at the end of each day and is added to the account twice a year. Interest rates are fixed on the first day of each month. Access to your account balance and transaction history is available at Offshore Online, Standard Bank's offshore internet banking service.
The account includes an option to switch to alternative currencies if the need should arise.
Investors who want to take advantage of the foreign exchange allowance and diversify their assets by placing some of their funds in a secure offshore location, the Isle of Man.
There are no guarantees, but as with any savings account, your capital is secure and so is the published rate of interest on your capital. At present, the interest rates on offer are 9.87 percent for amounts from R35 000 to R99 999, 10.12 percent for amounts from R100 000 to R499 999 and 10.37 percent on amounts of R500 000 or more.
The required opening balance is R35 000. You are not charged fees should your balance drop below the minimum R35 000 after opening the account.
None.
Two free withdrawals are allowed every six months. The two free withdrawals do not include the fees to transmit the funds to other accounts (for instance, to your bank account in South Africa). The transmission fee to accounts within the United Kingdom is £25 (about R300) and the fees for transmissions to outside the UK is £35 (about R410).
There are no monthly service fees.
Additional withdrawals, other than the two free withdrawals twice every six months, cost R500 for every withdrawal, irrespective of the amount involved. The six-month period runs from February to August. There are no deposit fees payable, although your South African bank will charge you telegraphic fees to send the money overseas.