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Expatriates failing to make most of savings

Nine out of 10 expatriates do not have offshore savings accounts, a survey by offshore savings bank Alliance & Leicester International has found.

The research shows that 82 per cent of expatriates hold savings in their host country, 56 per cent hold savings in the UK but only 10 per cent hold savings offshore.

When asked how they would choose an account, 54 per cent of expatriates said they would seek informa- tion on competitive offshore savings accounts from a financial adviser.

Forty-one per cent said they would talk to their existing UK bank, 40 per cent said they would look at financial websites and 30 per cent would consult financial magazines and newspapers.

Managing director Simon Hull says: “The message from this research is very clear. The vast majority of expatriates are not making the most of their savings and they are looking to their financial advisers to help them maximise the returns on their cash.”

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