Savings Accounts for Expatriates

Savings_Addict

We have recently moved to France with my job and we are looking for UK savings accounts that can be run whilst living in France (and a French Tax Resident).

Trying to get information on the financial institutions that will allow us to keep money in the UK whilst living abroad is not easy.

Does anyone have a good website that lists the most competitive rates and links to easy-to-set-up accounts? Alternatively, any good recommendations?

Thanks

Reaper

From what I've heard you will find it very difficult to set up a UK account if you are not resident. Most people in your position use an offshore account. However do be aware they don't fall under UK FSA protection. The local scheme, if any, will apply.

lectureral

I maintained my accounts by giving a relative's address in the UK - it does mean you need someone fairly reliable but since everything is done over the internet when operating normally it only becomes an issue if there is some unusual event - eg takeover of Kaupthing by Ing needed a couple of phone calls.

martyn4764

Hi
We also live in France, and have recently opened an Investec High 5 account: http://www.investechigh5.co.uk/

You need £25,000 in the account and withdrawals are on 90 days' notice, but it's currently paying 3.17% (paid gross to non-UK residents) and the service is excellent so far.

(Bradford & Bingley IoM were good too, but their rate's down to 2.5% now.)

gozomark

Hi Martyn

did Investec have no problem with you living overseas then ? If so, thats great news

martyn4764

gozomark wrote: »

Hi Martyn

did Investec have no problem with you living overseas then ? If so, thats great news

Hi

No, the account is open to non-UK residents. We just sent as ID a bank statement, EDF bill and certified (by the maire is fine) copies of passport & driving licence.

Have sent you a PM also.

Martyn

gozomark

thanks - I've PM'd you back

mike88

Many expats open accounts in the Isle of Man with either Alliance and Leicester or (dare I say it) Anglo Irish.

gozomark

indeed - I've accounts with both, but would prefer to depend on UK rather than IOM guarantee, and so looking for onshore accounts

Savings_Addict

Thanks to everyone who replied. We had been looking at IoM too so your suggestion came as welcome news we are on the right track.

Not telling a UK institution exactly where you live has worked thus far - am I too honest though?

lectureral

Savings_Addict wrote: »

Not telling a UK institution exactly where you live has worked thus far - am I too honest though?

The worst that can happen, I think, is that you will be asked to close your account but as long as you respond to letters sent to the UK address (relative opens them and lets you know of anything unusual) then they are unlikely to find out.

Anyway I think it is a checklist thing - can you give a UK address? Yes. OK then.

They have no interest in the exact details of your resident status is my impression.