How to set up UK savings account living in Ireland

Pebbles3029

Hi, 

I have an online NS and I saver ISA account. Because I've been living in Ireland for the last six years, I'm not allowed to put any more money into it as per UK gov rules. I can't open a normal bank savings account either. Could someone recommend a good mobile savings account which will let me save in pounds while living abroad? Many thanks

Daliah

 I think NS&I might also be allowed Premium Bonds? Not a savings account but you might win big....

If you can't find a savings provider in Ireland, and cannot provide a UK address, your only other potential option would be an offshore account with Lloyds, Barclays, Natwest etc.

mjdh1957

I moved to Ireland five years ago now. I closed my ISAs before I left as not only are you not allowed to contribute to them as a tax resident of another country they are also not tax-exempt in Ireland. It seemed to me that there was no advantage in keeping them, as any interest or dividends received (and any capital gains) are taxable in Ireland. I decided as I was moving to liquidate everything and transfer it all into euros and use the savings accounts available to Irish residents.

It is not possible to open a UK savings account without a UK address, so your only options would be offshore accounts, which you would then have to declare to the Irish Revenue after you open them.

SiliconChip

Daliah said:

 I think NS&I might also be allowed Premium Bonds? Not a savings account but you might win big....

You can as long as it's not prohibited by local regulations. However, the possible Catch-22 is that they can only be purchased using a debit card issued by a UK bank or building society and it's not clear whether the OP has one.

It used to be possible to open a sterling account with Ulster Bank from within the Republic but I have a feeling that the facility may have been withdrawn over the last few years, and of course the interest rated offered on their savings products are likely to be very poor anyway.

Pebbles3029

Thanks for your replies. I have an HSBC current account and debit card, but they wouldn't let me open a savings account.

Pebbles3029

And Ulster Bank is closing in December

Daliah

The Skipton offshore savings accounts don't look to shabby https://www.skiptoninternational.com/expat-savings-accounts

Daliah

And there's a bunch of others: https://moneyfacts.co.uk/savings-accounts/offshore-savings-accounts/#

Be aware though that offshore accounts might not come with deposit protection

SiliconChip

Pebbles3029 said:

Thanks for your replies. I have an HSBC current account and debit card, but they wouldn't let me open a savings account.

In that case you should, as @Daliah suggests, be able to buy Premium Bonds, and you'll be able to have prizes paid to your HSBC account.

mjdh1957

Don't forget that all interest income from any overseas accounts is still liable for taxation in Ireland - the current rate of Deposit Interest Retention Tax (DIRT) is 33%. 

https://www.revenue.ie/en/additional-incomes/dirt/index.aspx

As far as I understand it premium bonds may be held by Irish residents and the prizes are not subject to Irish taxation, though I don't hold any myself, only the Irish equivalent which are called Prize Bonds (and may not be held by non-Irish residents)

Katiehound

Danske Bank operates both in N.Ireland & ROI so I wonder if that would be a possibility.
 After all residents in NI seem to be considered Irish - thinking nationality here- . Might be worth investigating