Saving accounts for non UK-residents?

CWiggles

A bit over a year ago I moved to Bolivia (because why not). I'm currently back in the UK and looking into sorting out my savings. Since my old cash ISA now gives 0.1%. I've been looking through MSE's savings pages, and found the options, none of them good of course, but better than 0.1% however I find that I can't actually apply for them, since I'm no longer UK resident, since I've only been back 3 weeks, in the last year.

I have around about £30K in a cash ISA. I can withdraw / move it with 40 days of notice. I just need somewhere to put it.

I'd prefer to leave it in an ISA, even though the best rates seem to be non ISAs these days. Additionally I'd like to be able to access it in an emergency (a reasonable interest penalty is acceptable), which I can do with an ISA, but isn't guaranteed with a savings account AFAIK.

Any ideas on what I could do? I'm around for another 6 weeks or so, before heading back to Bolivia.

I should add that I don't want to move the money out of the UK, because I do plan on returning at some point.

bowlhead99

Even though you are technically allowed to open a new ISA while non resident to receive a transfer of existing isa monies/assets (you just can't put more money into it) ,most online ISA application forms make you declare that you're UK resident (which you definitely don't want to declare to HMRC, if you're not). Even doing a paper application in-branch you will find that most places really don't have much of an appetite for new business from a Bolivian resident.

From next tax year, the max amount that can be contributed to a cash isa in any one tax year is going up to £20k pa, so you'll find that if you do come back to live in the UK in future you'll be able to get all the £30k back inside an ISA wrapper within a year of being back, if you want. So, as you're talking £30k not £300k I wouldn't spend too much of your six weeks here going ISA shopping

If you have a basic UK account to receive interest into, you could look at the products from National Savings & Investments (NS&I / nsandi.com) which is government sponsored rather than being a private bank. Pretty sure they will let a non resident hold their monthly income bonds, or if not, the premium bonds.

Pincher

https://www.nsandi.com/direct-isa

1.00%
tax-free/AER, variable
Eligible for our International Payments Service

https://www.nsandi.com/international-payments-service



Looks like they saw you coming.

CWiggles

I had a look at that one, although there were a couple of bits that put me off.

1) from the FAQ section:

"How do I open and manage my account?

Our Direct ISA is a cash ISA for customers aged 16 or over who are resident in the UK for tax purposes. You can open an account in your own name only."

2) In the "not for savers who:" section:

"want to transfer in previous years’ investments"


However maybe I'm resident for tax purposes, not so sure about that, and 2) might be misleading. I'll give them a call and ask.

Thanks to both of you.

Update: Since I'm registered to pay tax in the UK still, even though I've not earned enough this year to pay tax. That means I can apply for a normal bank account (assuming they don't ask for bills to prove my address). However N&SI don't accept transfers from previous year ISAs.

Pincher

CWiggles wrote: »

Update: Since I'm registered to pay tax in the UK still, even though I've not earned enough this year to pay tax. That means I can apply for a normal bank account (assuming they don't ask for bills to prove my address). However N&SI don't accept transfers from previous year ISAs.

Take money out of ISA, put £15,240 into Direct ISA before April 2017.
Put £20k in after 5th April 2017. Snug fit for £30k. They saw you coming.

Biggles

CWiggles wrote: »

Update: Since I'm registered to pay tax in the UK still, even though I've not earned enough this year to pay tax. That means I can apply for a normal bank account

No it doesn't mean that. You'll need to declare that you are UK resident (not just paying tax here, if you have UK taxable earnings, you'll have a personal allowance but it doesn't make you UK resident; HMRC have a long (very long) explanatory paper on that).

Even if you could say you were UK resident, if they don't find you on the electoral register, they will want proof of ID and proof of address.