cash ISA transfer as an expat
in ISAs & tax-free savings
9 replies 136 views
My daughter has a cash ISA account before leaving UK to work abroad a year ago. She would like to move her cash ISA saving to another provider. However, most of the high street banks required her to be a UK resident for opening a cash ISA account even they accept ISA transfer. The HMRC website clearly stated that expats are allowed to move their cash ISA to another providers. I would like to know if there is any such provider offering a descent saving rate.
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Most? Surely 'all' (subject to the exception below)?
Who can open an ISA
You must also be either:
The problem will be finding a bank that will allow an account to be opened without completing an ISA declaration to subscribe*, which is possible but I would be confident in saying not online, and that have customer service agents that understand the ISA rules properly. This would also need to be a bank that allows non UK residents to open any account with them. Such places are probably few and far between.
*it used to be possible to cross out the bits of the ISA declaration that didn't apply when opening an account for transfer only purposes.
Happy to be corrected if anyone identifies one or more providers able and willing to accept ISA transfer applications from non-residents without existing accounts though....
While you can keep accounts open you might not be able to transfer your cash Isa pot to another account once you have left the UK.
One of the drawbacks of this will be that you may end up losing out on interest if the rate becomes uncompetitive, for example if a temporary bonus ends or at the end of a fixed-rate deal.
While you may be allowed to transfer your balance under HM Revenue and Customs rules, most banks won’t accept new accounts if you are not a UK resident any more, even if you are moving an existing balance from an old Isa.
No provider is compelled to accept an ISA transfer.
I am finding it difficult to understand why ISA providers would put up barrier to money that is already in the system?