Access to savings in the UK

sacentre

I'm a retired expat living abroad. I have considerable sterling savings in an NS&I Investment Account. I have no other UK based bank accounts and, of course with no UK residency, no eligibility to open one.

Until last week, I could withdraw cash at any UK Post Office when I visit the UK. Now, I have absolutely no access to my money unless I apply for an NS&I warrant payable to a friend or relative and rely on them to give me the cash in exchange.

NS&I can transfer funds via BACS but only to another UK bank account in my name which I do not have. They offer no electronic transfer facilities to non-UK banks.

I believe there are millions of pensioners and others like me who, since last week, find themselves caught in the same position. Are there any options open to me here?

Thanks in advance

Trevor

RetiredInThailand

As a non-resident you can open accounts offshore (IOM, CI) and these form part of the UK banking system for BACS purposes. You can also get a UK debit card and cheque book from some offshore banks.

You can also open accounts with a few onshore banks/BSocs. Just have a look at the T&Cs. There aren't many, but they do exist.

sacentre

RetiredInThailand wrote: »

As a non-resident you can open accounts offshore (IOM, CI) and these form part of the UK banking system for BACS purposes. You can also get a UK debit card and cheque book from some offshore banks.

You can also open accounts with a few onshore banks/BSocs. Just have a look at the T&Cs. There aren't many, but they do exist.

Thanks for the response.

I have a savings account in the IOM but have no access to sterling cash unless I go there in person. Sure I can BACS transfer to/from NS&I but this doesn't help.

As for offshore accounts offering sterling cheque books etc, I'd be delighted to hear of one. (I'm afraid I don't know what a T&C is). I've been searching for a long time.

Lloyd's TSB advertise such an account but say on their web site that it is NOT available to residents of Australia, Japan or Singapore (where I'm based) for some reason. When I phoned them and queried this, I was told by their head of QA that this was just something they have to say on the web site and to go ahead with an application and ignore it. This was later completely contradicted by their head of retail savings and when I quoted their head of QA by name he said, "I don't know who that is"!

Many years ago Stanchart were marketing an Extra Value Deposit Account (with a sterling chequebook) to Singapore expats but that product has long since disappeared.

Trevor

ChiefGrasscutter

T&C is shorthand for "Terms and conditions"

RetiredInThailand

Co-op bank offshore does cards. Not sure about cheques. Lloyds was the main one I was thinking about as far as cheques go, that also has reasonable savings accounts.

There aren't many things you can do these days with a cheque that you cant do with an ATM/debit card, or PayPal, or BACS.

Also worth looking at NatWest, Barclays and HSBC though all of those will probably pay low interest rates and may turn their noses up at you if you aren't a millionaire.

sacentre

Thanks again

A UK debit card is going to be a hard to get as a cheque book.

I primarily wanted a cheque book for things like Birthday and Christmas gifts to family. Right now, I have to post an application form to NS&I for a cash warrant to be sent. Takes weeks.

BACS only allows transfers to/from accounts in my name with UK banks IN THE UK OR IOM OR CI. I can't BACS transfer money to anyone else. Nor can I transfer funds between my account with an onshore UK bank and an offshore branch of the same bank!

As you say, for most banks, unless you are a "High Net Worth" client these days, you're dirt.

Trevor

RetiredInThailand wrote: »

Co-op bank offshore does cards. Not sure about cheques. Lloyds was the main one I was thinking about as far as cheques go, that also has reasonable savings accounts.

There aren't many things you can do these days with a cheque that you cant do with an ATM/debit card, or PayPal, or BACS.

Also worth looking at NatWest, Barclays and HSBC though all of those will probably pay low interest rates and may turn their noses up at you if you aren't a millionaire.

RetiredInThailand

sacentre wrote: »

BACS only allows transfers to/from accounts in my name with UK banks IN THE UK OR IOM OR CI. I can't BACS transfer money to anyone else. Nor can I transfer funds between my account with an onshore UK bank and an offshore branch of the same bank!

No, you can normally use BACS for transfers to/from any UK bank account and that includes all branches of UK banks in the IOM and CI. All are part of the UK clearing system.

So as long as you can make a BACS transfer out of NSANDI to an account in your name (which apparently you can) you can then send the funds on from your offshore account to whomever you wish using BACS/online banking.

Several offshore banks do UK debit cards and you should have absolutely no trouble at all getting one.

Personally for family presents I just send Amazon vouchers.

poolboy

I am expat & have offshore & onshore UK accounts - I am not minted either!

The offshore one has a cheque book which is good for presents, small purchases etc. To get cash I transfer online to onshore one & use cash machine.

I have had these for ages & it was a faff setting up but have had no issues at all since. No fees either as I keep a bit in each.

xylophone

Have you tried Barclays? Details below - income /deposit required not enormous?
Offshore current account
Our International Bank Account is the foundation of our day-to-day banking service and offers multi-currency options including sterling, US dollars and euros. We can also set up standing orders and direct debits for you and, should you want one, give you a cheque book.
You are over 18 years of age
You have an annual gross income of £24,000 or more (or currency equivalent) to be deposited into a Barclays Wealth account
or

You have £5,000 or more (or currency equivalent)
or

You are a permanent resident of Jersey, Guernsey, Isle of Man or if you live or work in Gibraltar.

jayship

Most Indian banks in the UK allow to open a non resident account. It is very likely they have branches in Singapore ( presume based there) where u may be able to make enquiries,