Savings for Non UK residents

JamieS99

I'm british but live in France most of the year so am a resident in France for tax purposes.

I still have an address in the UK and most of my money is still held there in my Llyods bank account.

I'm noticing a lot of saver accounts are saying that only those who are permanent UK residents can apply. Why is this and can anyone suggest some savings accounts for non UK residents?

I should add that I'm still in the UK tax system but for tax purposes I'm a French resident.

Thanks in advance,

Jamie

martyn4764

There's not much on offer, see here..

https://forums.moneysavingexpert.com/discussion/3587643

gozomark

offshore. .

jimjams99

Can anyone explain why UK banks don't allow non residents to open savings accounts?

I am British, with a UK address and 95% of my cash wealth in the UK.

Why was this rule created?

With my UK address what risks am I running by opening a savings account through that address anyway?

atush

Well, not all have problems if you aren't resident. Try Birmingham midshires, and Coventry And lloyds should let you open new products as an existing customer.

jimjams99

Thanks atush, so this isn't some kind of legal requirement. Each bank is laying down their own terms and conditions?

atush

AFAIK thats the case. Nationwide, wont, I know that. NR either.

SliAbhaile

I'm UK resident for tax purposes and have had no difficulty opening savings accounts in Germany, France and Ireland. I just declare the (small) interest received on my UK tax returns.

You could try any of the Irish banks operating in the UK - they'd be only too happy to have deposits at the moment

opinions4u

atush wrote: »

Well, not all have problems if you aren't resident. Try Birmingham midshires, and Coventry And lloyds should let you open new products as an existing customer.

Birmingham Midshires T&Cs state "You must be resident in the United Kingdom to open an account".

I'm fairly sure Lloyds TSB don't allow the opening of new UK savings accounts by non-residents (although they will convert and existing account to a new offering).

See condition 3.1.

That said, staff may not know their own rules!

jimjams99 wrote: »

so this isn't some kind of legal requirement. Each bank is laying down their own terms and conditions?

There is no law that says British banks cannot open UK based savings accounts for overseas customers.

There are, however, inreased costs in maintaining an offshore client base, greater difficulties in complying with Money Laundering Regulations and the risk of trying to enforce T&Cs that come in to conflict with overseas legislation.

In other words, many consider it simply not worthy of the extra bother.