UK EXPATS, Is your old UK Bank trying to close your account?

pete80

Hi all,
Sorry if this has been asked before by a previous poster.

I left the UK early this year and the UK Bank I am with is looking to close down my current and saving accounts, which I still pay tax on the interest.
I had these accounts for 10 years and was always well in credit

It makes me wonder is this anything to do with the Icelandic Bank failures last month.

Please reply if any of you expats have had similar trouble. I am fully aware that it is impossible to open a new account in the UK as an Expat.

Many thanks
:beer:

miserable_ol_so_n_so

pete80 wrote: »

Hi all,
Sorry if this has been asked before by a previous poster.

I left the UK early this year and the UK Bank I am with is looking to close down my current and saving accounts, which I still pay tax on the interest.
I had these accounts for 10 years and was always well in credit

It makes me wonder is this anything to do with the Icelandic Bank failures last month.

Please reply if any of you expats have had similar trouble. I am fully aware that it is impossible to open a new account in the UK as an Expat.

Many thanks
:beer:

Two things you could do:
1. Look up https://www.halifax-international.com. Theyre IOM based, and outside of UK compensation scheme. Covered by IOM scheme recently introduced.
2. Check out Close Brothers . They deal with expats, and also have currency accounts. (must be https://www.closexxxxx.com). Sorry dont know their web address.

pete80

Thanks, i will have a look at Close Brothers but will not bank on IOM or Channel Islands. The IOM DCS takes years to pay out and is not pre-funded.

isofa

pete80 wrote: »

Thanks, i will have a look at Close Brothers but will not bank on IOM or Channel Islands. The IOM DCS takes years to pay out and is not pre-funded.

http://www.closetreasury.co.uk and http://www.closebrothers.co.uk/

pete80

Isofa & so and so,

this Close Brothers deal is great for UK savers, but for Non-Residents your money goes offshore again so I will probably take the plunge and put the proceeds from my soon to be closed UK account into some leveraged ETF's and have a gamble on the stock market recovery over next 2 or 3 years.

I can't be bothered with the low rates being offered now and also being forced to invest offshore after having my accounts open for over 10 years with this Bank

Thanks anyway, it would be interesting to hear if other expats have had their accounts closed too.

paranoid-taxpayer

Be interesting to know what theyve told you to close your account. I would have thought any bank today is grateful for receiving deposits. I mean just look at the rates that Natwest bank is offering these days. And the more of us shift money about, the longer the rates will stay high, no matter what the BOE base rates say.

Jonbvn

What about HSBC International in Jersey? HSBC is one of the safest banks around, so being offshore should not be too much of a problem. If they went down, then money would only be of use for lighting fires.;)

Cook_County

pete80 - the logical question is why not transfer the money to the country where you are now resident. Where are you resident these days?

eeja

Cook_County wrote: »

pete80 - the logical question is why not transfer the money to the country where you are now resident. Where are you resident these days?

Very good question. If we know where you are resident we might be able to offer good advice.
It isn't Nigeria by any chance ? About ten years ago Barclays informed me that they were unwilling to deal with account holders resident there due to the enormous risk of fraud in that country which was rife there. They advised a local bank.

Cook_County

According to other posts pete80 is alleging he is a "tax nomad". Given that he has settled no-where his interest, capital gains will all remain taxable in the UK given that he is still UK resident for tax purposes. This puts a different "colour" on what the best answer should be...