Savings for Non residents

himalshelat

Hello Everyone

We are family that has only recently moved away from UK and are looking are what UK savings options are open for us.
I talked to Barclays and HSBC and was disappointed that they expect a min. deposit of 50000 or 100000.
We do not have large sums to invest. We are interested in investing smaller sums in different pots for ourselves and our 2 children where I have some idea what I will be getting back. I am losing money by having it just in my bank account.
Any suggestion would be gratefully received.
We still have a big mortgage in UK and I am tempted to put all my money in it.

Thanks for reading.

PenguinJim

What currency will you be sending in from abroad?

PLEASE say that you still have a UK bank account from when you lived in the UK! That will make things easier.

Are you also looking at a trading platform for "investing smaller sums", for example, for shares and index funds?

Do you have a UK address for correspondence, e.g. whatever your mortgage is on? (House? Flat? London car parking space?)

himalshelat

Sorry for not being clear about it.
All our money is in our UK account and we have a UK correspondence address.

I have not looked at shares and funds. I dont know where to start for that. am also worried about losing money because of my lack of knowledge.
I can put money in NS & I childrens fund and get 2.5 percent.
Also looking at FCNR savings account which is available to people of indian origin that pays 4.19 percent over 5 years.
I looked at more property but am too scared for such a big commitment.

Regards.

PenguinJim

Please check your PMs (at the top of this page, where it says Welcome, himalshelat. You last visited: Today at 8:21 AM Private Messages (PMs): Unread 1).

4.19% over five years isn't bad. Unfortunately as you're not "resident" in the UK at present, you're excluded from opening one of those 5% interest bank accounts.

Based on your experience, but depending on how much you are looking to invest, you should probably avoid individual company shares. Perhaps an Index Fund would have a place in your portfolio, like the Vanguard Lifestrategy fund? If it's for savings and you're not looking for it to pay money into your account each year, choose ACC funds for the long-term growth.