UK savings accounts for non-resident UK expats

jamde

I have pension and rental income paid monthly into a UK bank account which, together with many others, is now closing due to Brexit. I don't regularily use the funds, they just accumulate, so I don't need debit / credit cards rather just online banking with some level of paid interest no matter how small a percentage. Have any other expats found any banks offering savings accounts to non-UK residents ?

VXman

Simplest thing is to use a UK address. Can you use the rental address for a UK based account?. You won't need to have stuff posted there is you open a internet based account. The only issue might be the fact that you are not living there for any initial security checks. I opened several accounts at my UK address when I was living in Hong Kong and the house was rented out. Didn't have an issue. - or open using a friends address?

jamde

VXman said:

You won't need to have stuff posted there is you open a internet based account.

Thanks for the reply. What do you call an internet based account ? At the moment the funds go into an Investec account which I consider to be internet based but they still send a paper statement every month.

xylophone

https://www.skiptoninternational.com/expat-savings-accounts
Does the above help?

jamde

Thank you. Looking closely the Skipton International is not covered by the FSCS. There is some local cover but with limitations so I'm not sure how risky that is.

I wonder post Brexit, whether the banks closing all these accounts actually want UK residency or do they just want a UK address ?

jonesMUFCforever

jamde said:

Thank you. Looking closely the Skipton International is not covered by the FSCS. There is some local cover but with limitations so I'm not sure how risky that is.

I wonder post Brexit, whether the banks closing all these accounts actually want UK residency or do they just want a UK address ?

They don't want the cost of licensing in EU countries.
If when agreement on financial services is done post Brexit some may have a change of heart but don't hold your breath.
If you are a resident of a EU country then as things stand you cannot open new savings accounts in UK with most banks.
They do offer alternatives but they are offshore accounts.

HansOndabush

VXman said:

Simplest thing is to use a UK address. Can you use the rental address for a UK based account?. You won't need to have stuff posted there is you open a internet based account. The only issue might be the fact that you are not living there for any initial security checks. I opened several accounts at my UK address when I was living in Hong Kong and the house was rented out. Didn't have an issue. - or open using a friends address?

That's fraudulent. The criteria for being allowed to open almost all UK savings accounts is that your are UK RESIDENT, not just that you have an address. If there is a problem with the account, e.g. a hack and it is drained, and you need to claim, you might be in big trouble. The 85K protection may well not apply if the account was opened fraudulently.

Non-residents can open a savings account at NS&I; they can also buy premium bonds.

HansOndabush

I wasn't suggesting NS&I as a suitable account for day to day banking but rather as a savings option for a non-resident. As far as I know there are no UK banks willing to open an account for a non-resident. For that you need to look at their 'international' offerings or an offshore account.

colsten

HansOndabush said:

Non-residents can open a savings account at NS&I; they can also buy premium bonds.

Only if they have a UK current account. So could be catch-22. Besides, the NS&I interest rates are particularly awful.

https://www.nsandi.com/help/join-nsandi/using-nsandi-outside-uk

colsten

HansOndabush said:

As far as I know there are no UK banks willing to open an account for a non-resident. 

HSBC might, especially for Brexit victims.

jamde

I have a current account with HSBC which until now they are not closing but it pays no interest. The problem with premuim bonds is they send a cheque if you win anything and it has to go to a UK address. Beats me why in this digital age, they can't just transfer funds.