Want to invest in savings product but may be moving to the Republic of Ireland.

seanny

I would like to invest about £85000 (whatever the limit is where the amount is guaranteed).  However, I may become a non-UK resident in the next few months.  Would the investment have to be closed before reaching the end of its term were I no longer a UK resident?
I have already used up my ISA allowance for this year, so was looking at fixed-rate bonds with Lloyds, or whatever would be suitable.

Bigwheels1111

First never pit in the max ie 85k.
That will be protected by the FSCS.
The interest would not.
6% is available at the moment, 80k should be the Max you put into one savings product.
£80k + £4.8k interest = £84800. All protected.
Make sure interest is paid away annually if the term is more than one year.
As for moving I can’t help sorry.

masonic

It is often not a problem to continue holding a product when you cease to be UK resident, but you would be unable to open new accounts. If you will be remaining outside the UK long term, it may be worth exploring offshore options now.

Albermarle

For sure you do not want to save in Ireland, the rates on offer are abysmal.
The Irish tax on savings interest is generally higher than here as well.
Not sure in which country you would have to pay any tax on interest ?

MDMD

Tax Residency is a complex area but in the event the OP is deemed to be Irish resident then the Irish authorities will likely seek to tax the interest there, including the ISA, which you will need to declare.

Johnnyboy11

If you contribute to a U.K. Private Pension this tax year then you can save £2,880 in each of the next 5 tax years and get a free £720 added each year by HMRC.