Expat rates: Co-Op has closed its doors to offshore customers Savers with the Co-operative's variable-rate savings accounts also have to close their accounts, while those with its current account have a little longer - until next month to move their arrangements elsewhere. The closure of the Guernsey branch of the Co-operative Bank does not affect Britannia International (britanniainternational.com), the offshore subsidiary based in the Isle of Man. Britannia International currently has no fixed-rate savings account on offer and only two variable accounts that make the top-rate tables. Its 60-day notice account currently pays 1.4pc on a deposit of £1,000 or more. The low minimum deposit and relatively short notice period for withdrawals makes the account attractive. Its Access Plus no-notice account pays 1.25pc variable, again on a low minimum deposit of £1,000. If you have £25,000-plus, you can get 1.5pc from Nationwide International (nationwideinternational.com) on its Bonus Access account. Co-operative is, of course, only the latest in a long line of banks to leave the offshore market. This year has (so far) seen the exit of Bank of Ireland (IOM) and Clydesdale International. In the five years since Lehman Brothers failed the whole market for offshore savers has contracted rapidly. There are now just a handful of providers in the market and further exits cannot be ruled out. In addition, if the Bank of England continues to leave interest rates unchanged at 0.5pc, then March will mark the fifth anniversary of base rate at such a low level. A dwindling number of banks, plus low interest rates, have made these years difficult for offshore savers. However, the past five years have not been all bad for offshore savers. In one respect, at least, many are better off than they were before the banking crisis. This month marks the fifth anniversary of the Guernsey Deposit Compensation Scheme. The Jersey Bank Depositors Compensation Scheme was approved by the island's assembly the following year. The Isle of Man scheme has been around since 1991 but was improved after the 2008 crisis. All these schemes now cover savers' deposits up to £50,000 in the event of banks failing. But while it is good news that offshore savers' deposits are now protected the level of cover is lower than that afforded to onshore savers. Those with UK-based accounts are covered up to £85,000. Those with accounts based in the European Economic Area are covered to the same level - €100,000. Anyone with a Gibraltar-based account is also covered up to €100,000. However, in the past five years, even though times have been tough for banks, there have not been any failures - so the safety schemes in place have not been tested. But their presence has been a comfort for savers and will continue to be so.