Savings options for non-UK resident

LivingintheSun

I have some savings in the UK, and am likely to come into some more money after I move overseas. What savings options do I have in the UK? I will want to transfer the money abroad at some point, possibly 1-2 years later to buy a house. Don't really want to move it straight away as the exchange rate would not be in my favour, but the economic gurus are predicting it will be moving in the right direction in six months to a year's time.

What can I do in the meantime? I'm aware I can't take out an ISA. Can I still add to an existing one as that could be one option.

Thanks

Baldur

LivingintheSun wrote: »

I'm aware I can't take out an ISA. Can I still add to an existing one as that could be one option.

No, unless you fall into one of the categories mentioned in the exception paragraph in the below quote.

See http://www.hmrc.gov.uk/leaflets/isa-factsheet.pdf

Moving abroad

You can only put money into an ISA if you are resident and ordinarily resident in the UK for tax purposes.

If you move abroad you cannot continue putting money into the ISA. However, you can keep existing ISAs and you will still get tax relief on investments held in them. When you return, you can start putting money in again (subject to the normal annual limits).

There is one exception. Crown employees serving overseas (typically members of the armed forces and diplomats), or people married to or in a civil partnership with a Crown employee serving overseas, can open and subscribe to an ISA in the usual way.

LivingintheSun

Sadly I don't fall into those categories. What other options are open to me? I really don't want to be stuck with leaving it in a current account which is paying no interest.

Jonbvn

LivingintheSun wrote: »

Sadly I don't fall into those categories. What other options are open to me? I really don't want to be stuck with leaving it in a current account which is paying no interest.

Once you have a non-UK address, no bank/BS will let you open an account. Therefore, I would suggest you look at offshore accounts.

Baldur

LivingintheSun wrote: »

Sadly I don't fall into those categories. What other options are open to me? I really don't want to be stuck with leaving it in a current account which is paying no interest.

From other similar posts in these forums, many, if not most, UK financial institutions will not accept applications from non-UK addresses - using the search facility on this site should bring up informative threads/posts.

An option is offshore accounts, many of which are operated by arms of UK high street institutions (other examples HERE)- but bear in mind that these are typically protected by any deposit protection scheme that may be in force for the locale from which they operate (e.g. Jersey/Guernsey/Isle of Man, etc.), not the UK FSCS.

Appolon

My saving option overseas for now is hidden envelope in the secret place of my apartment.....

gozomark

Jonbvn wrote: »

Once you have a non-UK address, no bank/BS will let you open an account.

Always a danger in saying all or none :-) - there is atleast one, Halifax

http://www.halifax.co.uk/savings/interest-rates/non-uk-personal-rates/

Marine_life

Your other option is to begin saving in funds outside an ISA - as well as sterling denominated funds you can also choose funds where the underlying currency is different (although if you think sterling will appreciate you may elect for sterling funds)