Regular Savings or Savings A/C or mix?

socrates

Gordias wrote: »

For that much cash he could also look at feeding the Barlclays Wealth International Bank Regular Saver. It pays 5% and you can put in a whopping £2000 a month.

Offshore account for non residents only

socrates

Baldur wrote: »

The Regular Savings Calculator gives the following (with the drip-feed option & basic rate tax):

Normal Account
3.3% rate
£3600 saved

Regular Saver
5% rate
£300 per month

So feeding from the Normal Account is a better option - and as it is the Citibank Account it is instant access - if anything better comes along

Baldur

socrates wrote: »

Offshore account

Yes

for non residents only

Offshore accounts aren't restricted to non-residents.

Baldur

socrates wrote: »

So in short the Normal Account is a better option - and as it is the Citibank Acccount it is instant access - if anything better comes along

You obviously haven't grasped the concept of drip-feeding. You drip-feed the £300 per month from the normal account into the regular saver, which gives £122 overall interest, as opposed to £95 if the £3,600 was simply left in the 3.3% normal account.

socrates

Baldur wrote: »

Yes

Offshore accounts aren't restricted to non-residents.

This particular account is not available to UK residents

Gordias

I think socrates could be right. I've just pretended to apply and as soon as I went past the residency drop down with a "United Kingdom" entered they wanted me to phone them... As always if it looks too good to be true.

That said, as they wanted me to phone rather than just giving a flat refusal it might be that they have a qualifying amount for residents so your uncle's £100K may be a tempting amount for them to get their cross-selling paws on!

socrates

Gordias wrote: »

I think socrates could be right. I've just pretended to apply and as soon as I went past the residency drop down with a "United Kingdom" entered they wanted me to phone them... As always if it looks too good to be true.

That said, as they wanted me to phone rather than just giving a flat refusal it might be that they have a qualifying amount for residents so your uncle's £100K may be a tempting amount for them to get their cross-selling paws on!

I spoke to them - not open to UK Residents at all!