ISA accessable from abroad

BenEdwards

Hi, I am looking for an ISA that I can access the money when abroad, probably referred to as an online ISA.  I know the term ethical banking covers a fairly wide net, but currently I bank with the Coop bank.  Be good for it to be an ethical or even better green ISA.  Obviously, the security of the money is important so a stocks ISA seems a bit risky so probably looking for a fixed-term ISA. But maybe not, how risky are st stock ISA, maybe I should put some in one and some at a fixed rate?  Also, there seem to be lots of people offering them and not sure how to work out how safe these companies are.  All advice gratefully received.

BenEdwards

PS a little more digging led me to Wealthify stock ISA, maybe putting some of my money with them would be a good way to go?

csgohan4

if your worrying about risks, there is no such thing as a risk free S+S ISA, maybe a CASH ISA is more your thing with no risk on your capital, although the interest is little and hence your money is probably going to be eroded by inflation instead

Have a read of Monevator to learn about investing in S+S.  They also go into the well known platforms to compare  with. Wealthfy is not on my list when I last researched

herebeme

Do you mean have them pay out to an overseas bank account? Don’t think any will do that as ISAs are for U.K. residents. 

You can “access” an ISA you’ve previously set up in the U.K. ie U.K. address and U.K. bank account via online portals and do any admin you want and withdraw to your U.K. bank account (then transfer abroad). I had no problems accessing my H&L ISA or any U.K. bank account when I lived in Germany and USA. You’re not supposed to pay money into a U.K. ISA if you’re not living in the U.K. 

Note I did not inform U.K. tax authorities I was no longer resident (there’s a form your supposed to send in when you leave, hardly anyone does). And I didn’t declare ISA to US tax authorities either (not legal, big financial risk, when I was there systems not joined up enough to know, they may be now - I would not have done this if I’d ever intended to get a green card etc). 

Try Tridos if you just want a cash ISA. Scores well on ethical banking indexes. 

lr1277

The practical problems might be you need to find ISA providers and bank account providers that will deal with you whilst you are abroad. As many British citizens currently in Europe are finding out, their UK bank accounts are being closed because the UK bank is not allowed to operate in said EU country. Search the bank accounts board for more details.

You might need one of those 'international' accounts based in Jersey, Guernsey etc. But they have fees and/or minimum deposit levels.

You might say you have a UK address where the resident will forward your letters, in which case you might be ok. But if you are renting out your property whilst you are abroad, don't expect the tenant(s) to forward your letters. Fairly recent thread about that on the House buying board. As others have found, if you use a UK address and the bank account gets suspended for whatever reason, you may need to attend a branch in the UK to get this fixed.

Whilst not an ISA, and I don't know if this is possible now, but looking through the list of premium bond winners, I have seen some overseas addresses (admittedly from a few years ago). You could investigate buying the premium bond and/or other NS&I products whilst still in the UK and then moving abroad and letting NS&I know. Though I don't know if this will work.

Just some thoughts. HTH.

colsten

You cannot open, or contribute to, an ISA if you are not a UK resident.

colsten

herebeme said:

Do you mean have them pay out to an overseas bank account? Don’t think any will do that as ISAs are for U.K. residents. 

You can “access” an ISA you’ve previously set up in the U.K. ie U.K. address and U.K. bank account via online portals and do any admin you want and withdraw to your U.K. bank account (then transfer abroad). I had no problems accessing my H&L ISA or any U.K. bank account when I lived in Germany and USA. You’re not supposed to pay money into a U.K. ISA if you’re not living in the U.K. 

Note I did not inform U.K. tax authorities I was no longer resident (there’s a form your supposed to send in when you leave, hardly anyone does). And I didn’t declare ISA to US tax authorities either (not legal, big financial risk, when I was there systems not joined up enough to know, they may be now - I would not have done this if I’d ever intended to get a green card etc). 

Try Tridos if you just want a cash ISA. Scores well on ethical banking indexes. 

Lots of ethical advice there.

herebeme

Looking at the other thread you posted in, you’re travelling, not moving to work abroad? 

How long are you going to be away for? Have you left yet? Will you be working abroad ie paying tax, working for cash in hand, or living off savings? 

If you plan to live off savings you do not want to be putting that money in a stocks and shares isa. If the market has a crash while you’re away you’ll be in big trouble. Stick to cash, easy access, ideally with a global account if moving a lot - I think TransferWise or Wise as they’re now called do one. 

herebeme

colsten said:

herebeme said:

Do you mean have them pay out to an overseas bank account? Don’t think any will do that as ISAs are for U.K. residents. 

You can “access” an ISA you’ve previously set up in the U.K. ie U.K. address and U.K. bank account via online portals and do any admin you want and withdraw to your U.K. bank account (then transfer abroad). I had no problems accessing my H&L ISA or any U.K. bank account when I lived in Germany and USA. You’re not supposed to pay money into a U.K. ISA if you’re not living in the U.K. 

Note I did not inform U.K. tax authorities I was no longer resident (there’s a form your supposed to send in when you leave, hardly anyone does). And I didn’t declare ISA to US tax authorities either (not legal, big financial risk, when I was there systems not joined up enough to know, they may be now - I would not have done this if I’d ever intended to get a green card etc). 

Try Tridos if you just want a cash ISA. Scores well on ethical banking indexes. 

Lots of ethical advice there.

Quite! Not appropriate for someone who is by the book!