Higher interest rate Savings account

ChaimY

I am a USA citizen a permanent resident of UK since 1971 and am encountering difficulties in opening accounts when trying to access a higher rate of interest. Any ideas to get around this 

wmb194

ChaimY said:

I am a USA citizen a permanent resident of UK since 1971 and am encountering difficulties in opening accounts when trying to access a higher rate of interest. Any ideas to get around this 

Renounce your citizenship? I'm afraid you're a victim of the US' FACTA legislation that the UK decided to comply with and so a lot of financial firms now refuse to deal with US citizens as they don't want to have to deal with the reporting requirements.

xylophone

https://www.fatca.hsbc.com/en/frequently-asked-questions

Personal customers

8. Am I only affected if I am a citizen of the US?

No. If an individual’s account holds any of the following seven criteria, HSBC may request further information or documentation to determine if you are a US person under FATCA.

• US citizenship or US residence.
• US place of birth.
• US address including US PO boxes.
• US telephone number.
• Repeating payment instructions to pay amounts to a US address or an account maintained in the US.
• Current power of attorney or signatory authority granted to a person with a US address.
• In care of or hold mail address which is the sole address for the account holder.

9. What does FATCA mean for me if I am a US person?

If you are considered a US person (see glossary), you may be asked to supply HSBC with additional information or documentation. You may also wish to visit the IRS website: External site: Link opens in an overlay to determine if you need to complete and submit any additional IRS forms.

If you are a specified US person (see glossary), HSBC will be required to report information about you and your account to the local tax authority or the IRS on an annual basis.

Whilst we will correspond with affected customers in due course, HSBC cannot offer any advice relating to FATCA and we recommend that you contact a professional tax advisor to discuss your personal tax situation.

Presumably a lot of UK banks/building societies just don't want the hassle.