Overseas Saver

wrebwen

I am a British citizen living in Portugal. I would like to spread my savings that are currently in a UK bank where I have a current account, however, no UK bank, other than the one I currently bank with, will entertain me opening a new savings account or explain why?

Speculator

I think you have to be a UK resdent to open an account in the UK.

Jonbvn

Most banks & BS's stipulate that you must be a UK resident to open an account. I think it is a money laundering prevention requirement.

You could try the offshore (Jersey & IOM) banks. However, their guarantee is less than the UK banks (about 15k IIRC).

barak

wrebwen wrote: »

I am a British citizen living in Portugal. I would like to spread my savings that are currently in a UK bank where I have a current account, however, no UK bank, other than the one I currently bank with, will entertain me opening a new savings account .....

If you can find a suitable account or product then National Savings & Investments will! The only requirement is that you have a sterling bank account in the UK - which you have.

http://www.nsandi.com/help/livingabroad.jsp

occamsrazor

Thanks for that info - I wasn't aware NS&I offered products to non-UK-residents....

Cook_County

Don't forget that Portugal will tax your N S & I products, whether or not tax free for UK residents...

wrebwen

Thanks to all, NS&I appears to be the best and only option.