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Savings in GBP when moving abroad (in Europe)
Curtla
Posts: 2 Newbie
Hi there,
Ad Hoc reader of MSE, first time poster.
I have tried to look for similar threads but haven't come across anything - apologies if I missed any.
In a nutshell, looking for some insight into investment options of UK based funds when moving abroad.
Background
As a result of an unexpected opportunity, my wife to be and I are moving from the UK to ROI. She has already moved, but I will be moving across later this month when we get married.
We were originally planning to buy a house in the UK and so both set up HTB ISAs a couple of years ago and have been making the regular contribution each month - currently earning 2.25 - 2.5%. We also expect to have some savings after the wedding (currently sitting in instant access savings accounts) earning 0.2 - 0.35%.
We appreciate that once moved we can't contribute to the HTB's any more and would need to be UK resident to make use of the bonus (we are very unlikely to be resident whilst working in ROI). I am also unable to open a separate ISA before leaving due to having the Halifax HTB.
For a complete picture, we don't have any real debt, only credit card balances that get paid in full each month.
Future Expectations
My best guess at this stage is that we would work in ROI for a year or two and then return to England. As such, any investments, etc would likely need to be for 2 years max. Additionally, we would like to hang on to the HTB's if possible to make use of the bonus if / when we return.
Goals
Essentially just trying to make use of the funds to generate some savings income so they're not sitting there losing value while we are working away. It is difficult to know how much we have at our disposal to invest, but say £10-20k for arguments sake would be a reasonable range (assuming the HTBs are not touched).
Preference
Not overly risk seeking; we would be very wary to putting capital at risk. Anything that is less likely to have Brexit related issues would likely be preferred.
My initial thoughts are something simple like 1 / 2 year bonds might be our best option given our goals / preference, but I am curious if there are other products that may well be better suited to our circumstance that I've not already thought of or experienced in the past.
Any suggestions are heavily appreciated!!
Ad Hoc reader of MSE, first time poster.
I have tried to look for similar threads but haven't come across anything - apologies if I missed any.
In a nutshell, looking for some insight into investment options of UK based funds when moving abroad.
Background
As a result of an unexpected opportunity, my wife to be and I are moving from the UK to ROI. She has already moved, but I will be moving across later this month when we get married.
We were originally planning to buy a house in the UK and so both set up HTB ISAs a couple of years ago and have been making the regular contribution each month - currently earning 2.25 - 2.5%. We also expect to have some savings after the wedding (currently sitting in instant access savings accounts) earning 0.2 - 0.35%.
We appreciate that once moved we can't contribute to the HTB's any more and would need to be UK resident to make use of the bonus (we are very unlikely to be resident whilst working in ROI). I am also unable to open a separate ISA before leaving due to having the Halifax HTB.
For a complete picture, we don't have any real debt, only credit card balances that get paid in full each month.
Future Expectations
My best guess at this stage is that we would work in ROI for a year or two and then return to England. As such, any investments, etc would likely need to be for 2 years max. Additionally, we would like to hang on to the HTB's if possible to make use of the bonus if / when we return.
Goals
Essentially just trying to make use of the funds to generate some savings income so they're not sitting there losing value while we are working away. It is difficult to know how much we have at our disposal to invest, but say £10-20k for arguments sake would be a reasonable range (assuming the HTBs are not touched).
Preference
Not overly risk seeking; we would be very wary to putting capital at risk. Anything that is less likely to have Brexit related issues would likely be preferred.
My initial thoughts are something simple like 1 / 2 year bonds might be our best option given our goals / preference, but I am curious if there are other products that may well be better suited to our circumstance that I've not already thought of or experienced in the past.
Any suggestions are heavily appreciated!!
0
Comments
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For a horizon of a couple of years I would stay away from investments as they all carry some kind of capital reduction risk and look at savings products.
For 10-20K you can use interest paying current accounts and Regular Savers - but you may need to be UK resident to open them, not sure.0 -
Whatever you decide to do, make sure you apply for the account(s) while you still have a UK address.
We never had a problem changing the address to a foreign one, but you need to use a UK address to open them in the first place.No longer a spouse, or trailing, but MSE won't allow me to change my username...0 -
Thank you both for your contributions and sorry for the delay in response!
The reason for the post is I was pretty sure it was best to take care of this before I lose tax residency status in the UK.
I opened a regular saver about two months ago and recall the application saying I had to be resident in the UK to open it.
I will however have a look into interest paying current accounts and the rates they offer as these may be the simplest and easiest in the short term.0 -
Any suggestions are heavily appreciated!!
Who says the Irish have no sense of humour? The tax on savings accounts there is called DIRT!
More details on the deposit interest retention tax here: http://www.citizensinformation.ie/en/money_and_tax/tax/tax_on_savings_and_investments/deposit_interest_retention_tax.htmlThus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...THE WAY TO WEALTH, Benjamin Franklin, 1758 AD0 -
Someone who's never heard of Spike Milligan, Dave Allen, Ed Byrne, Jason Byrne, Dara O'Briain, Aisling Bea, Chris O'Dowd, Dylan Moran, Dermot Morgan, Ardal O'Hanlon, Sean Hughes, David O'Doherty, Andrew Maxwell, etc, etc?FatherAbraham wrote: »Who says the Irish have no sense of humour?
Or perhaps someone who has seen Patrick Kielty and Brendan O'Carroll I suppose....0 -
i read that as the first line of a joke. so ...
i don't know. who does say that the irish have no sense of humour?0
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