Savings Accounts for Expatriates

ahai1

I am sure it must be some kind of minor crime which you are never going to get charged for.

Getting back to the point. I remember seeing on a lot of banks applications asking if you are a UK resident or not. Sorry I can't remember which ones.

hotkee

Normal practice I thought was that banks will ask for proof of Id including passport and other evidence to show your address. Plus they usually (I think) do electoral roll check and other credit checks, especially in the last few years with money laundering and terrorism checks.

ahai1

I have found a link to offshore accounts http://www.expats.org.uk/finance/banks.html not sure how accurate the list is. I have also emailed MSE Dan.

BTW Maybe it would be a good idea if some people contacted some banks and building societies. I get a feeling that a lot more espicially the smaller London based banks may offer non resident accounts.

ahai1

They do not do credit checks as they are not lending you anything.

There is a way around this for international students and other people who are not resident in the UK.

hotkee wrote: »

Normal practice I thought was that banks will ask for proof of Id including passport and other evidence to show your address. Plus they usually (I think) do electoral roll check and other credit checks, especially in the last few years with money laundering and terrorism checks.

Special_Saver2

Special_Saver2 wrote: »

Hi Savings Addict

There is also:
i) Halifax International
ii) Halifax UK offers these accounts to non-UK residents

SS2

gozomark wrote: »

but this is offshore isn't it, so not covered by FSCS ?

The first link is to Halifax International which is offshore but the second link is to the Halifax UK accounts which are available to non-residents. Halifax UK is covered by the UK FSCS.

SS2

barak

gozomark wrote: »

but this is offshore isn't it, so not covered by FSCS ?

As Special_Saver2 says, Halifax does offer some onshore accounts to expatriates.

There is growing pressure from MPs to 'encourage' more savings institutions to do the same.
http://www.citywire.co.uk/Adviser/-/news/regulation-training-and-competence/content.aspx?ID=335554

ahai1

According to the article Coventry offers onshore accounts to expats. The Catholic did but now it is part of the Chelsea and I am not sure if it is still the case.

It could be down to the fact that the banks misunderstanding money laundering laws or that they are plain greedy and did not want to pay the FSCS.

I was thinking it would be a good idea to contact some of the banks to find out which ones offer non resident accounts.

ahai1

As a lot of people have accounts with international groups like HSBC, Santander and many others would it not be possible to ask them to keep a sterling account for you? After all some banks do offer foreign currency accounts.

ahai1

I just thought that I would do a very little investigation of my own. I emailed Anglo Irish and they only allow non residents to do the Isle of Man accounts.