A limited access savings account refers to a restricted account that incentives account holders to save instead of spend.
In this article, we’re going to take a closer look at limited access savings accounts and whether they’re worth considering or not.
We’ll also discuss where you can open a foreign bank account online to access the benefits these accounts can offer.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- What Is a Limited Access Savings Account?
- How to Access Savings Accounts as a Foreigner
- Open a Limited Access Savings Account Offshore
- Frequently Asked Questions
- Ready to Explore Your Options?
What Is a Limited Access Savings Account?
A limited access savings account restricts your ability to withdraw funds. In most cases, access is limited to a set number of times per year or transactions per month. For this reason, a limited access savings account is best suited to individuals who do not need access to their savings in the short term.
Limited access savings accounts typically have other restrictions as well, including only allowing withdrawals to nominated accounts, placing upper limits on the balance that you are allowed to maintain, and certain banks only pay interest on the anniversary of the account as opposed to monthly like other interest-bearing products.
Of course, the specific restrictions and benefits offered will depend on where you open and the bank that you open with.
That said, this isn’t the only option when it comes to incentivizing long-term deposits. With this in mind, here are a few different options that offer similar benefits:
- Limited access savings account
- Fixed-term deposit account
- Certificate of deposit
- Private bank account
- Investment brokerage account
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How to Access Savings Accounts as a Non-Resident
There are a wide range of savings accounts options to choose from as a non-resident. In most cases, these accounts can be opened 100% remotely.
However, like opening any bank account, knowing which banks will accept your nationality, residency, source of income, local ties, deposit level, and more, can be a challenge.
If you want help navigating your options effectively, you can use our account opening solutions GlobalBanks IQ or GlobalBanks Insider (more details below).
Open a Limited Access Saving Account Offshore
In addition to domestic retail banking options, there are a number of offshore banks offering similar accounts.
These offshore options include traditional limited access accounts as well as more sophisticated fixed-term accounts.
That said, most offshore limited access accounts require higher deposits and longer-term commitments than those available onshore.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open non-resident bank accounts. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Should I Open a Limited Access Savings Account?
Whether you should open a limited access savings account depends on your financial goals, how soon you need to access your funds, and the other options available to you. In most cases, alternative options can provide more flexibility and higher returns. With this in mind, it is usually best to compare all options and choose the one that best fits your needs.
Where Can I Access Savings Accounts as a Non-Resident?
Non-residents can access savings accounts in top banking jurisdictions like Singapore, the United States, Jersey, Guernsey, and elsewhere. That said, finding a bank that will accept your client profile and allow you to open accounts remotely can be a challenge.
Ready to Explore Your Options?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.