Saving money in the uk while over sea's???

reemer

Hello everyone,

Im off to travel the world in September(upto 2 years in OZ, upto a year in NZ, then asia then . . .?) Ill be working along the way to get by but ill have about £10k in a savings account in the uk to tide me over.

At the moment i've got a First Direct e-savings account.

Ill be using a Nationwide current account while I'm away, as I won't get charged for using the cashcard oversea's (2.75% of transaction with most banks). I'll need to be able to transfer money to this account online.

When I go I'm gonna need to put the money in an account I can access online, get good interest on and not get punished for taking money out off.

Any idea's???

As I will not be working in the UK I don't think I'll have to pay tax on any savings I have here?

Any advice would be much appreciated,

Thanks for your time
Reemer

grreenfingers

I'd go with ING - not the best rate but its very very easy online

Think you'll need to fill out an R84 or R85 or something and send it to your bank - they'll know..

Chrismaths

R85. But if you are working until you go, you will still have to pay BR tax this tax year. But you could put it in an offshore account an pay no tax on it, as you will not be UK resident this tax year. I think Alliance & Leicester offshore has a good rate.

Cook_County

Do remember to complete a form P85 when you leave to get your refund.

The interest you receive will of course be taxable in Australia/New Zealand so do plan for this in your thinking processes...