UK Savings account for non UK resident?

Fwoggie

Hi

I'm hoping someone may have a good idea here - I read the latest info on which savings account to consider, but I have a bit of a unique situation...

I've been living and working for a German company in Germany for 2 years now but recently started a MBA back in the UK. Every 6 months I need to pay them £8,500 in fees from now until the end of 2014 (the next payment is due in June).

Right now I have just over £21,000 in Euros doing nothing in a German current account which I'd like to move over to a sterling savings account because:-

1) The exchange rate is not too bad at the moment - I'll have to pay in £ no matter what, so may as well lock in now and avoid issues if the Euro collapses.
2) The best German savings rates only offer 1.6% and I can see that some UK offers beat that.

• I don't pay tax in the UK so I assume ISA's are not an option.
• I can't put in more than circa £100 a month to top it up, so Santander's 1-2-3 offer is out too.

Is West Brom's WeBsave an option? Failing that, does anyone else have an alternative suggestion how I can open a competitive UK savings account without being resident in the UK?

Thanks.

xylophone

Would the MBA provider offer a discount for payment in advance?

innovate

Fwoggie wrote: »

• I can't put in more than circa £100 a month to top it up, so Santander's 1-2-3 offer is out too..

You may not get accepted for a 123, and you may find it a bit tricky to get the 2 DDs you need set up, but the monthly £500 should be the very least of your problem. There is nothing that says you need to pay in the money in a single transaction - all it says you must pay in £500 a month. Appreciate you are very busy with your job and your MBA, but an easy solution sits right there to be implemented.

The 2 DDs might not be too tricky, either - - just need to be a bit creative and think outside the box a little.

Fwoggie

Hi

No discount for paying in advance - they don't need to offer discounts.

But innovate - you may have a good point, perhaps I should investigate 123 a bit more - I'm an existing Santander current account customer for several years. I'll try that and keep investigating elsewhere.

Addendum: WestBrom emailed back and said it's only for UK residents. Dunno why.

innovate

Fwoggie wrote: »

Addendum: WestBrom emailed back and said it's only for UK residents. Dunno why.

Presumably because their T&Cs say they only offer accounts to UK residents?

Banks need to be right on the ball regarding money laundering legislation, so they will keep things as simple for themselves as possible. Excluding any non-UK residents removes a major headache. BTW, you'll find the same sort of "behaviour" in banks in all countries - - e.g. you try to get an account with a german bank if you aren't a german resident! Computer sagt nein immediately, lol.

ninadenuk

Please can somebody help me, I need to open a saving account, im not a uk resident, preferences in dollars. where can I find help? can I do it online? can somebody who is a Uk resedent be my sponsor?

Jonbvn

ninadenuk wrote: »

Please can somebody help me, I need to open a saving account, im not a uk resident, preferences in dollars. where can I find help? can I do it online? can somebody who is a Uk resedent be my sponsor?

You could try offshore banks in Jersey or IOM. However they have high minimum balance requirements.

Nobody can sponsor you????