Saving advice for French residents

WMMM

Has anyone, living outside the UK in the EU, any advice on finding a reasonably safe savings account with at least 3% to 4%. PA

We live in France, but the French Savings accounts rates are too low to be a practical investment for larger sums even with the tax relief via the French government Livret A system.

We can't have a UK savings account with our UK bank due to being non-resident in UK. We are looking at 'off shore' savings or some other special scheme for UK non residents, but are naturally sceptical having no experience of the risks etc.

Any advice/experience would be appreciated.

fixx

If you're in France, LTSB do offshore savings accounts that might suit:
http://www.lloydstsb-offshore.com/offshore-savings/

normal savings accounts up to 2.5%, and fixed term accoutns up to 4%.

And as it's a big uk bank, easy to transfer the accounts back to the UK later if you want to return from France. And as safe as any of the big UK/European banks I guess

(Disclaimer - I'm in Switzerland, so have a local swiss savings account tied to my current account, not one of these. But I do have the LTSB international current account for UK/Euro needs, and have been looking closely at these to add some non-swiss franc savings to at some point)

Voyager2002

Most of the main British banks offer off-shore accounts (I know that Nationwide do, as well). Do remember that these accounts do not have the same protection that UK accounts do, and may come with higher fees and lower interest rates than domestic accounts.

You might also look at things like Money Market accounts: Fidelity is the obvious provider.

martyn4764

Unfortunately, a couple of the better recent deals available to non-residents (I'm thinking of the Investec High 5 and NS&I ILSCs) aren't available at the moment, and offshore rates seem to have dropped disproportionately over the last couple of years.

If your tax return shows that you're below the income tax threshold, though, don't discount the LEP; as it's not subject to prelevements sociaux the current 2.75% equates (if my maths is correct) to about 3.13% instant access.

slopemaster

I thought they charged everyone the 10% CSG even if you're a non-taxpayer?
(I could be wrong or out of date tho!)

martyn4764

slopemaster wrote: »

I thought they charged everyone the 10% CSG even if you're a non-taxpayer?
(I could be wrong or out of date tho!)

I'm not sure about the other livret accounts, but the LEP is free of all social charges; you don't even have to declare the interest on your tax return.