Guernsey Resident - Premium Bonds & Lifetime ISA

[Deleted User]

Hi Everyone,

So I've been living in Guernsey for nearly 5 years now, but I still have a registered UK Address where my parents live and I still travel back there regularly. Before I moved to Guernsey, I had my Barclays account, which I still have and this is registered to the UK Address. I also have a NS&I Premium Bonds account which I opened whilst over here in Guernsey, but is registered to the UK Address.

My first question is, is this ok? I'm also looking at opening up a Lifetime Cash ISA with Moneybox but it's stating you need to be a UK resident. I just don't want to sign up for something and then get into trouble financially with it seeing as technically I don't live in the UK 100% of the time..

Some advice and guidance would be appreciated. I have a Guernsey Bank account here which has nothing, zero money, in.

Many thanks,

eskbanker

Not OK, no - ISAs can only be opened by UK residents, so, as you're not a UK resident, you're not eligible.

If Barclays and NS&I aren't aware of your non-residency, you should inform them, although they may be OK with your living outside the UK but with a UK correspondence address....

Thrugelmir

Soon be apparent once records get cross checked that you are not currently a UK tax resident.  

eskbanker

Deleted_User said:

eskbanker said:

Not OK, no - ISAs can only be opened by UK residents, so, as you're not a UK resident, you're not eligible.

If Barclays and NS&I aren't aware of your non-residency, you should inform them, although they may be OK with your living outside the UK but with a UK correspondence address....

I thought this may be the case.. Should I just contact directly? It was a financial advisor here in Guernsey who said get a premium bonds account.. Will there be any penalties for me to pay?

NS&I are happy to have customers outside the UK as long as they have a UK bank account: https://www.nsandi.com/help/join-nsandi/using-nsandi-outside-uk

Barclays are likely to be less impressed by your failure to comply with the Ts & Cs obliging you to inform them of address changes, and may close the account, depending on their policies for your account type....

eskbanker

Some UK banks may be happy to retain accounts originally opened while resident....

Thrugelmir

Deleted_User said:

eskbanker said:

Deleted_User said:

eskbanker said:

Not OK, no - ISAs can only be opened by UK residents, so, as you're not a UK resident, you're not eligible.

If Barclays and NS&I aren't aware of your non-residency, you should inform them, although they may be OK with your living outside the UK but with a UK correspondence address....

I thought this may be the case.. Should I just contact directly? It was a financial advisor here in Guernsey who said get a premium bonds account.. Will there be any penalties for me to pay?

NS&I are happy to have customers outside the UK as long as they have a UK bank account: https://www.nsandi.com/help/join-nsandi/using-nsandi-outside-uk

Barclays are likely to be less impressed by your failure to comply with the Ts & Cs obliging you to inform them of address changes, and may close the account, depending on their policies for your account type....

Thank you for this link as well. But I find this contradicting. It's saying yes you can have an account, but it needs to be registered to a UK Bank Account. But if you live outside the UK you can't, technically, have a UK Bank account.. so how is this possible?

You can retain a UK bank account. 

eskbanker

Deleted_User said:

Thanks everyone. So where does this leave me, should I contact my bank to tell them? Can I keep my premium bonds account?

Yes, you should contact Barclays and take it from there - if they're happy for you to retain the account then NS&I will be happy to do likewise....