Leaving account open when leaving the UK

uksergio

Hello, I have a savings account open with RCI Bank that offers a 1.65% rate of interest and I have quite a large sum of money there. I am planning on leaving the UK in a few months and they only allow the account to remain open if I live in the UK, as they need a UK address in case they send me correspondence. The thing is, they have never sent me anything and at the moment they offer me the best deal in terms of a savings account, so it is in my interest to leave it open so that at least I get some interest out of that money. Would they find out if I leave the UK and leave the account open? What is the worst that can happen? Thank you!

DrSyn

I would expect if they wanted to check up on you, they would find out you no longer live in the UK, by the same means they check you out when you open a current account now.


What's they worst that can happen? All your money can be stolen.

They then write to your last known UK address and either they get no answer or not known at this address.

If it's a large amount of money they would almost be certain to do some form of checking.

If you do not tell them, then you have broken your terms with them. They might even think something dishonest was going on. Either way, this might be used to not compensate you for any money stolen from the account, do you not think?

You leave the UK without telling them and have an accident or die. What complications would there then be at getting at the savings?

I would not personally take the risk.

System

Do you not have a trusted relative or friend that would be able to 'provide' a UK address?

mgdavid

If you are emigrating then you will be expected to close down your UK accounts.
It's unrealistic to expect you to do this *before* you go (or on the day of departure) therefore it will need to be afterwards.
However you *DO* need a current safe UK address for them to post you closing statements etc. Family or trusted friend.
It may suit you to keep one UK current account which you can manage online; many many expats do this successfully for years, I have one family member and another close friend who do this.

uksergio

Thank you for all your answers. So basically, the main risk comes from having an accident, losing money or dying, and then dealing with the problems whilst being abroad, right?

Also, I would still be able to keep the address I am in now and telling my flatmates to notify me whenever they get any letters for me. I am also planning to leave open an account I have with Lloyds Bank, so I would be able to transfer money automatically online without having to be in the UK.

colsten

uksergio wrote: »

I have quite a large sum of money there.

Not sure what is sillier - asking a bunch of strangers on the Internet what to do with "quite a large sum of money", or a bunch of strangers offering "advice" on what to do with it.

uksergio

I am only asking about the implications of leaving a bank account open, not what to do with my money.

darkidoe

I have switched the address for my HSBC account to an overseas address for 3 months years ago whilst I was overseas and didn't have a local address. Got my correspondence from them no problem. Depends on the bank I think, after all HSBC is the world's local bank! Lol

uksergio

Yes, I know most high street banks would have no problem leaving the account open, as I am planning to leave my Lloyds Bank account open indefinitely. However, the problem is with RCI Bank.

System

You seem to missing the fact that banking is a 2 way relationship - you and the bank. Have you considered that the bank(s) might not want a (permanent) non-resident as customer?

Admin and red tape (for them) in providing you free banking.

uksergio wrote: »

Yes, I know most high street banks would have no problem leaving the account open, as I am planning to leave my Lloyds Bank account open indefinitely. However, the problem is with RCI Bank.