Many thanks mooreaz and shiverkitten for your replies.

So you would even advise against me going with the Halifax offshore savings account (Halifax International Regular Saver Account) http://www.halifax-international.com...c&source=NETP1 where you can receive 10% AER/Gross PA for one year, then the funds are transferred into the Sterling Variable Rate Halifax International Web Saver account http://www.halifax-international.com...g-websaver.asp

Would you still not get around 8% interest even after the tax deductions?

Thanks again.