Options for savings accounts for expats

lewistoz

Hi All

Apologies if this has been posted elsewhere, but i couldnt find it!

I'm from the UK, but have been living in Australia for the last 10 years. I work full time over here and have savings etc held with Australian banks.

However, I have 20,000 GBP sitting in a Lloyd's everyday account (which I transferred from Australia about 3/4 years ago). It's basically losing value and gaining no interest!

I wanted to put it in a UK savings account but noticed all of them require you to reside in the UK. What are the best options for a situation like this?! Looking forward to hearing your ideas!

Voyager2002

The best option would have been to keep the money in Australia. Anyway, most of the UK banks have international branches (physically based in Gibraltar or the Isle of Man): search for something like "NatWest International" and you will find them. You can open accounts with the international branches, but do not expect to earn interest at rates that keep up with inflation.

You could also explore whether Lloyds will allow you to convert your existing account into an interest-bearing one: my feeling is that even if they agree, anything you will earn will not justify the trouble.

xylophone

Would NS&I be a possibility?

https://www.nsandi.com/i-live-outside-uk-can-i-invest-with-nsi