opening savings account non uk resident

ulster_2

Hi I currently live in Canada but would like to open an online savings account in the U.K.can anyone tell me how this can be done?I am a british citizen.

cpdc1030

Hi there,

Sounds like an offshore account would be much better for you than a UK account (i.e. Channel Islands or Isle of Man).

Kaupthing Edge IOM offers 6.86% on Sterling deposits - which is the best I have been able to find.

Some UK banks such as Halifax and HSBC will offer savings accounts to non-residents but the rates will be much, much lower.

fjcruiser

Can someone explain why it is better to open an offshore savings account rather than a UK savings account where you will receive gross interest on your savings ?
I am just worried that if I put my money offshore I will not be covered as much as if it was in the UK.Thx for your comments.

Baldur

fjcruiser wrote: »

Can someone explain why it is better to open an offshore savings account rather than a UK savings account where you will receive gross interest on your savings ?
I am just worried that if I put my money offshore I will not be covered as much as if it was in the UK.

If you are not resident in the UK, many mainland financial institutions will not permit you to open an account with them - most of the larger institutions have offshore subsidiaries to cater for expatriate customers.