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UK bank account for non resident
Geriatric
Posts: 66 Forumite
I have had an Abbey UK current account and e-saver account for some 15 years annd lived abroad for about 10 years. I found out recently that Abbey had scrapped the e-saver account now paying no interest at all ln May when they introduced an e-saver2 account.
When interest rates started to fall I tried to change to an e-saver 50 but was told as I was non resident I could not open a new account.
Abbey are a dreadful bank and have made numerous errors over the years and I was not at all surprised not to receive any notification of what was happening. They screw existing customers whilst attracting new customers or money with attractive rates.
Abbey Offshore now "pay" the attractive rate of 0.0% on three months money upto one million pounds. At least the penalty would not amount to much on early withdrawal! Whilst offering over 3% for new money.
Does anybody know of a UK bank that pays interest on an account that can be operated on the internet and also accepts R105.
Abbey do not accept R105 and tax is deducted on which I only get 50$ relief here.
When interest rates started to fall I tried to change to an e-saver 50 but was told as I was non resident I could not open a new account.
Abbey are a dreadful bank and have made numerous errors over the years and I was not at all surprised not to receive any notification of what was happening. They screw existing customers whilst attracting new customers or money with attractive rates.
Abbey Offshore now "pay" the attractive rate of 0.0% on three months money upto one million pounds. At least the penalty would not amount to much on early withdrawal! Whilst offering over 3% for new money.
Does anybody know of a UK bank that pays interest on an account that can be operated on the internet and also accepts R105.
Abbey do not accept R105 and tax is deducted on which I only get 50$ relief here.
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Comments
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I made a mistake on the Info above. The old e-saver is still going paying a net 0.8% for upto £200,000
At the time I looked it did not feature in their interest page and I assumed that it had been dropped. However I see it is now there. The first tranche used to be to£50,000 then £100,000 but now £200,000.
Still looking to move elsewhere if possible.0 -
If you can't change banks why not enquire about a term deposit (you can get around 3%) - you will be better off even after tax.
I believe no high street bank will accept R105 anymore - to get this accepted you would have to move your account offshore.0 -
Why not bank onshore in Portugal where you live since you pay tax there on worldwide income anyway?0
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jonesMUFCforever wrote: »If you can't change banks why not enquire about a term deposit (you can get around 3%) - you will be better off even after tax.
I believe no high street bank will accept R105 anymore - to get this accepted you would have to move your account offshore.
Thanks I am waiting to hear from Abbey as once again their term deposits or bonds say for UK residents only although their application form has a box for residency which brings up all the counries,0 -
Cook_County wrote: »Why not bank onshore in Portugal where you live since you pay tax there on worldwide income anyway?
Thanks. I already have accounts with a Portuguese bank and would like to continue with a UK bank to spread the risk. Abbey's policy of offering better rates to new customers or money annoys me and there are so many thinks go wrong although to be fair they have always compensated me for their errors.
Will have a look at Barclays who operate here but they do not publish sterling interest rates although their three month euro rate is good.0
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