US $ Savings account

shazkhan111

anyone know what nationwide pay on their dollar a/c?

tom188

shazkhan111 wrote:

anyone know what nationwide pay on their dollar a/c?

http://www.nationwideinternational.com/interestrates/dollar.htm

prudryden

Leave it where it is - 4.5% is reasonable, although not the best. For an extra $100 - $150 per year, it may not be worth the hassle in moving. After costs of wire fees, certification of proof of identity etc, it may not even be that much extra.

prudryden

If, as you say, non-resident alien tax is not being deducted from the interest/dividends (if a money market fund), then you probably should have claimed on your UK tax return, assuming you have not claimed non-domicile status on the UK return. I believe the Inland Revenue can change your domicile (although not easy for them) if you have lived in this country for 17 of the last 20 years.

shazkhan111

is the nationwide a/c open to uk tax payers and residents ?

Sillychuckie

I was born in the UK. I live in the UK. I have never lived in the US.
Im as english as the Queen.
My parents are english. They too were born here, and have never lived anywhere else.

Im english, english, english!!!

Clearly, I should be paying tax on these earnings. I was not aware of this.
Thanks for letting me know, I'll contact the rev to find out what the process is.
I have been a tax payer here for only 1 year, so it shouldn't be a great deal of documentation to fill in (and I have all statements from the US fixed bond account). The interest is paid in dollars straight back into the same account, so I have not yet touched any of it. Should be easy enough to fill the forms in.
I suppose tax wouldn't be so bad these days either because the dollar rate is so bad against the pound.

Cook_County

If you are as English as the Queen you must be German.

The interest gets declared & taxed on your UK tax return. There is no US tax on US bank interest income paid to non-resident aliens.

shazkhan111

is the nationwide a/c open to uk tax payers and residents ?

http://www.nationwideinternational.com/interestrates/dollar.htm

prudryden

Is this account still registered as a custodian account under UTMA (Uniform Transfer to Minors Act) and you are now of age? Cookcounty may be able to help you here, but chances are the custodian paid any taxes due on the interest (if there was any due). I would think, (Cook correct me if wrong) that the principle and interest could be brought into this country free of tax.
If the custodian died prior to you taking the gift into your own name, then the funds would have been included in his estate, even though you own the assets.