I'm a British national, currently working in Ireland and shortly moving to US on an internal transfer. I have some money in the UK which I intend to use for a property deposit when I return in ~3 years. It's in high street savings accounts (and an ISA, which as a non-resident I can't contribute to any further) at the moment which pay very little. I'm losing to inflation.
What strategy should I consider to retain the value of this money while I'm abroad, bearing in mind I'm reasonably risk-averse (it's not an investment, I just want to maintain its value against inflation; a return is a bonus) and I'll have to pay US tax on interest?
Most high street banks offer offshore accounts where interest is paid without tax deducted but these aren't (AFAIK) protected by the FSA. As far as I can see most normal high street accounts/fixed bonds aren't available to non-residents.