Saving Accounts for non UK residents??

nondom_3

Hi Gozomark,

Thank you so much. Sorry, yes, I'm a UK citizen, but not living in the UK, I'm getting mixed up now too. Their phone agent just told me that it was an error on the website. What you quoted seems too significant to be an error - thank you, I'll try again and hopefully get a more helpful person on the phone!

gozomark

I suspect the person you spoke to wasn't aware of these accounts, and was answering a question about a different range of accounts that is closed to non-residents

nondom_3

gozomark wrote: »

I suspect the person you spoke to wasn't aware of these accounts, and was answering a question about a different range of accounts that is closed to non-residents

Thanks again, Gozomark. I spoke to a very helpful person at Halifax, but he said I couldn't apply online or over the phone. He tried calling two branches where I used to live - but no answer from either of the branches. As far as he understood the situation, as a non-resident UK citizen I would have to apply at a branch (which are only in the UK)... very frustrating.

Any ideas? Are Halifax, Investec and HSBC the only UK banks open to non-doms?

Juliemaimorgan

Hi,
I am a British Citizen currently living in Cyprus. I have been trying to open a Halifax Stepped Reserve account since January. I have visited a branch in the UK (needed an appointment and none available whilst I was in the UK), spent ages on the telephone being moved from one department to another and finally advised to put my request in writing. I wrote in January and have not received a reply. I think Halifax's Customer Service is terrible.
I would be interested to hear if any non- uk resident has sucessfully opened one of these accounts.
Julie

nondom_3

Hi Julie,

Yes, the Halifax is completely frustrating! If you are non-resident, by definition it's going to be difficult to pop into a UK branch...

Have you tried the Investec account (mentioned in the thread above)? The rates are not as good as the Stepped Reserve account, but it's 3 month access and they seem to accept non-residents. My online application timed out yesterday, but I'm going to try again today...

Do you know of any other banks other than these and HSBC, offering non-resident accounts?

Many thanks!

Jonbvn

Another thing you could invest in is index linked saving certificates from NS&I. You don't have to be a UK resident, but you have to verify your address.

Juliemaimorgan

Hi Nondom,
Yes, I do have an Investec account. They seem to be very efficient.
Julie

nondom_3

Hi Jon,

Still trying to find a decent return! Thank you for the NS&I tip. I saw your other posts on the NS&I index linked certificates, and called NS&I. As far as I understand it, inflation would have to be really, really high now (inflation would have to average over 7.45% for the next 5 years) to compete with gross interest from the Halifax 5 year Stepped Bonds (assuming that I can manage to open an account with Halifax).

I posted on your other thread too. What do you think? Could inflation really average over 7.45% for the next 5 years? Isn't that highly unlikely, even with QE?

gozomark

where do you get 7.45% ? Its AER is 4.75%, so RPI would have to average over 3.75%, which I still think unlikely

nondom_3

gozomark wrote: »

where do you get 7.45% ? Its AER is 4.75%, so RPI would have to average over 3.75%, which I still think unlikely

Thanks Gozomark, I posted on the NS&I Inflation Linked thread about this too. When I spoke to NS&I about the bonds the operator told me that it is a percentage change in inflation + 1pc. Which is incorrect! My calculations were based off that. However it's not the change in inflation, it's the change in the inflation index. Which makes a lot more sense.