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  • FIRST POST
    • jcuurthht
    • By jcuurthht 14th Jun 17, 8:13 PM
    • 44Posts
    • 1Thanks
    jcuurthht
    Non-resident looking to store money somewhere
    • #1
    • 14th Jun 17, 8:13 PM
    Non-resident looking to store money somewhere 14th Jun 17 at 8:13 PM
    I am a non-resident living in Germany. I currently earn nothing in the UK.

    I just sold my UK property and have just north of 100k sitting in my UK current account.

    I just paid of my student loan and have no outstanding debts in the UK.

    I also have no pension fund in the UK or Germany.

    I have no ISA or savings accounts in the UK.

    I've looked and it appears it's nigh impossible to open new current & savings account as a non-resident (save for some international accounts).

    I am however able to open a Direct Saver account with NS&I. I can also purchase Premium Bonds.

    Given my situation, what would recommend is the best way to proceed.

    Obviously given the poor Pound vs Euro, I have no intention of converting my money.

    I'm also not interested in low risk investments.

    I also just sold my property that was being rented, and don't have much interest in purchasing a property as buy-to-let.

    [Savings]
Page 1
    • Linton
    • By Linton 14th Jun 17, 8:41 PM
    • 8,094 Posts
    • 7,916 Thanks
    Linton
    • #2
    • 14th Jun 17, 8:41 PM
    • #2
    • 14th Jun 17, 8:41 PM
    I am a non-resident living in Germany. I currently earn nothing in the UK.

    I just sold my UK property and have just north of 100k sitting in my UK current account.

    I just paid of my student loan and have no outstanding debts in the UK.

    I also have no pension fund in the UK or Germany.

    I have no ISA or savings accounts in the UK.

    I've looked and it appears it's nigh impossible to open new current & savings account as a non-resident (save for some international accounts).

    I am however able to open a Direct Saver account with NS&I. I can also purchase Premium Bonds.

    Given my situation, what would recommend is the best way to proceed.

    Obviously given the poor Pound vs Euro, I have no intention of converting my money.

    I'm also not interested in low risk investments.

    I also just sold my property that was being rented, and don't have much interest in purchasing a property as buy-to-let.

    [Savings]
    Originally posted by jcuurthht
    NS&I direct saver is probably the best option until you have made longer term arrangements. Premium Bonds may be worth it for a bit of fun, there is a £50K/person limit.
    • Marine_life
    • By Marine_life 14th Jun 17, 9:44 PM
    • 801 Posts
    • 1,409 Thanks
    Marine_life
    • #3
    • 14th Jun 17, 9:44 PM
    • #3
    • 14th Jun 17, 9:44 PM
    I am a non-resident living in Germany. I currently earn nothing in the UK.

    I just sold my UK property and have just north of 100k sitting in my UK current account.

    I just paid of my student loan and have no outstanding debts in the UK.

    I also have no pension fund in the UK or Germany.

    I have no ISA or savings accounts in the UK.

    I've looked and it appears it's nigh impossible to open new current & savings account as a non-resident (save for some international accounts).

    I am however able to open a Direct Saver account with NS&I. I can also purchase Premium Bonds.

    Given my situation, what would recommend is the best way to proceed.

    Obviously given the poor Pound vs Euro, I have no intention of converting my money.

    I'm also not interested in low risk investments.

    I also just sold my property that was being rented, and don't have much interest in purchasing a property as buy-to-let.

    [Savings]
    Originally posted by jcuurthht
    Depends what your objective is.

    I live in Austria - previously lived in Germany and have funds in the UK.

    We have some money in premium bonds but have increasingly been parking money in P2P as there are a number of accounts which will accept overseas investors. However, that does carry some risk.

    You could also look offshore but generally rates are terrible.
    Something witty goes here
    • Apodemus
    • By Apodemus 15th Jun 17, 7:07 AM
    • 777 Posts
    • 567 Thanks
    Apodemus
    • #4
    • 15th Jun 17, 7:07 AM
    • #4
    • 15th Jun 17, 7:07 AM
    I'm also not interested in low risk investments.
    Originally posted by jcuurthht
    .

    I'm sure there must be lots of high risk ways to lose park £100k!
    • jcuurthht
    • By jcuurthht 15th Jun 17, 10:07 AM
    • 44 Posts
    • 1 Thanks
    jcuurthht
    • #5
    • 15th Jun 17, 10:07 AM
    • #5
    • 15th Jun 17, 10:07 AM
    .

    I'm sure there must be lots of high risk ways to lose park £100k!
    Originally posted by Apodemus
    Ha. I should of clarified: I don't want to invest in anything that risks a reduction to my funds. High or low!

    Depends what your objective is.

    I live in Austria - previously lived in Germany and have funds in the UK.

    We have some money in premium bonds but have increasingly been parking money in P2P as there are a number of accounts which will accept overseas investors. However, that does carry some risk.

    You could also look offshore but generally rates are terrible.
    Originally posted by Marine_life
    I'm not familiar with P2P. I'll assume this means peer to peer? Are there any risks involved? Could you provide my with any extra information about how you invest your money using P2P?

    NS&I direct saver is probably the best option until you have made longer term arrangements. Premium Bonds may be worth it for a bit of fun, there is a £50K/person limit.
    Originally posted by Linton
    Yeah, I'm really just looking for anything that will offset inflation, but that doesn't look very likely. At least with 50k in premium bonds, I'll hopefully get the same return as a savings account, and also have the chance of a bit more.
    • jcuurthht
    • By jcuurthht 15th Jun 17, 10:40 AM
    • 44 Posts
    • 1 Thanks
    jcuurthht
    • #6
    • 15th Jun 17, 10:40 AM
    • #6
    • 15th Jun 17, 10:40 AM
    Ah I just found this: http://www.moneysavingexpert.com/savings/peer-to-peer-lending
    • Linton
    • By Linton 15th Jun 17, 10:59 AM
    • 8,094 Posts
    • 7,916 Thanks
    Linton
    • #7
    • 15th Jun 17, 10:59 AM
    • #7
    • 15th Jun 17, 10:59 AM
    ....
    Yeah, I'm really just looking for anything that will offset inflation, but that doesn't look very likely. At least with 50k in premium bonds, I'll hopefully get the same return as a savings account, and also have the chance of a bit more.
    Originally posted by jcuurthht
    You wont get anything 100% safe that is certain to offset inflation, especially with UK inflation rates rising at the moment.

    The average premium bond return is 1.15% compared with 0.7% for the direct saver. However the 1.15% figure is unlikely to be achieved as it is skewed by the very unlikely chance of winning a large sum. I have a significant sum in PBs as a temporary measure, my actual return is around 0.7%.
    • davefx
    • By davefx 18th Aug 17, 3:35 PM
    • 2 Posts
    • 0 Thanks
    davefx
    • #8
    • 18th Aug 17, 3:35 PM
    • #8
    • 18th Aug 17, 3:35 PM
    Hello,
    I'm in a similar situation. Does NS&I actually welcome non UK residents or does it just not say that you need a UK address?
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