Struggling to know where to divide my savings

[Deleted User]

Hi All,

A bit of an open-ended post this and I appreciate this is not a place for financial advice and telling me where to put my savings, but would appreciate a little bit of a direction to point in. After looking at another topic on here regarding Al Rayan bank and their Easy Saver account Interest Rate, I was initially interested but then had to try and call them up to sort out signing up for one of their accounts. After a quick google I have seen that the wait times are incredibly long, with then not very helpful customer service when you get through to someone.. So I don't think this is an option.

I have a UK bank account but currently reside in the Channel Islands, hopefully looking to move back to the UK within the next 6-12 months. I have the majority of all my savings in Premium Bonds as advised to me by someone here in the Channel Islands, but I'm coming up to the limit of these premium bonds and would prefer to ensure my savings/money is working harder than sitting in a Cash ISA account doing diddly-squat.

I did have a look at investing and other areas, but a lot of these require you to be a UK resident, which technically I am not. So I'm a little stuck and want to explore any options I have to ensure my savings are in the best place possible. I'm not really looking for fixed term plans as ideally I need easy access to this money as I may buy my own place in the next 2-3 years (I hope..)

Being open and honest on this topic and would really appreciate some guidance and advice.

Thanks,

Albermarle

I did have a look at investing and other areas, but a lot of these require you to be a UK resident, which technically I am not. So I'm a little stuck and want to explore any options I have to ensure my savings are in the best place possible. I'm not really looking for fixed term plans as ideally I need easy access to this money as I may buy my own place in the next 2-3 years (I hope..)

Two to three years is too short a time scale for investing anyway.

If you are not comfortable with Al Rayan, there are plenty of easy access savings accounts just paying a little less.

One and two year fixes pay better rates than easy access and the rates could well creep up a bit more soon.

Brie

I'd be looking at any of the mainstream UK banks if you plan to move back in the near future.  Just to make life easy.

george4064

I think there is a bigger question to ponder here.

How old are you?

Are you making sufficient regular contributions to your pension?

Are you investing any of your savings in a Stocks & Shares ISA? If you’re reaching the max (£50k) in premium bonds, then you should have a fair amount invested as well. If not, it would seem you are holding too much of your assets in cash which will cost you in the long-run (inflation eroding your money etc).

Daliah

You have to be a UK resident to open any UK savings, investment or current account. Review your options when you are much closer to moving back, so you can act when you have proof of UK residency

Bigwheels1111

Not sure why people are moaning about Al Ryan, called them Tuesday at 09.00am.
Answered in 60 seconds, resolved my issue in under 2 mins including security check.
I’m holding off on fixed rates until January or February as rates keep rising.
I’d expect 4-4.5% by Christmas if we get 3 more rate rises.

Daliah

Deleted_User said:

I think because I’m not technically a U.K. resident, I cannot open up a Stocks and shares ISA, but this is something I would like to do when I move back to the U.K.

I just wanted any ideas/advice for things I can setup which doesn’t require you to be a U.K. resident, if that makes sense?

There are just about no UK current, savings or investment accounts that you can open as a non-resident.

Albermarle

My pension, I contribute to and my employer also does too. I have been with my company I work for about 5.5 years now and have £21k in that pension pot.I think because I’m not technically a U.K. resident, I cannot open up a Stocks and shares ISA, but this is something I would like to do when I move back to the U.K.

If you are saving for retirement, then adding more to your pension is almost certainly better than a S&S ISA, due to the tax benefits. A S&S ISA is better is you think you might need the money from it before then, but ideally still needs leaving alone for 10 years or more.

Once back in the UK, you could look at a LISA.

Lifetime ISA (LISA): how they work & best buys - Money Saving Expert

masonic

Deleted_User said:

I just wanted any ideas/advice for things I can setup which doesn’t require you to be a U.K. resident, if that makes sense?

Skipton BS offers a range of offshore savings accounts for those resident in the channel islands, see https://www.skiptoninternational.com/offshore-savings-accounts

Moneyfacts has a section including a few other options for expats: https://moneyfacts.co.uk/savings-accounts/offshore-savings-accounts/

For investments, HSBC Channel Islands offers an account. Looks like 1% initial fee and no ongoing custody charges: https://ciiom.hsbc.com/investments/products/international-investment-centre/

(though if coming back to the UK within the next year, it seems sensible to wait and open UK-based accounts)