UK accounts (online) for support NSI

JayEl3

Hello I am looking into opening a UK based account online (seems to be the only option as I’m a UK expat in the EU) to use as a “clearing” bank for NS&I.

I am still eligible to open with NS&I (which is my primary goal) provided I have a UK bank (which I don’t).

So I only need a “support” account to use for NS&I purposes.

I was informed of a few, Monzo, Revolut, Wise (NS&I said they cant use Wise though), there are possible other options with HSBC I believe…

Has anyone used Monzo, and/or Revolut for such purposes? Any suggestions?

Thanks ever so much to anyone.

gt94sss2

Where in the EU do you live? It makes a difference..

JayEl3

in Italy  

gt94sss2

Your best bet is to open an account with Revolut in Italy (https://www.revolut.com/it-IT/ ) and then apply for GBP account within the app 

JayEl3

sorry that i ask, is revolut ok?  i read some stuff about them suddenly closing accounts and other things..
If HSBC is possible, would it be better with them? - purely because of the name?
thanks a lot btw for you replies.

friolento

Revolut only close your account if you have dodgy transactions going through. Just like any other bank, really

HSBC might be considered more trustworthy though it probably takes a lot longer to get an account with them.

Monzo is only available to UK residents.

Do you still have an address in the UK?

[Deleted User]

friolento said:

Revolut only close your account if you have dodgy transactions going through. Just like any other bank, really

HSBC might be considered more trustworthy though it probably takes a lot longer to get an account with them.

Monzo is only available to UK residents.

Do you still have an address in the UK?

Revolut are known for poor customer service and are generally not recommended as a main bank. 
They have an EEA banking licence but it's issued in Lithuania with a population of 2.8 million.
They've been refused a UK banking licence more than once. 

I'm not sure where the other English immigrants are banking. 

JayEl3

Ok that makes perfect sense. not likely to have anything dodgy as it would only be a support account to transfer interest from NSI. I really wouldn need it for anything else.

I do have a correspondance UK address (ie. C/O address) but I wouldnt ever claim it to be my primary residence because it isnt, 

thanks to all! 

friolento

[Deleted User] said:

friolento said:

Revolut only close your account if you have dodgy transactions going through. Just like any other bank, really

HSBC might be considered more trustworthy though it probably takes a lot longer to get an account with them.

Monzo is only available to UK residents.

Do you still have an address in the UK?

Revolut are known for poor customer service and are generally not recommended as a main bank. 
They have an EEA banking licence but it's issued in Lithuania with a population of 2.8 million.
They've been refused a UK banking licence more than once. 

I'm not sure where the other English immigrants are banking. 

I am not a huge fan of Revolut myself, and I know about their difficulties in obtaining a UK banking licence. They now have for the second year running missed their annual accounts deadline. I would never use them as a main bank, even if they ever managed to obtain a UK licence. But just for the purposes of having a UK sort code and account number, with minimum amounts of money ever going through them, I would quite happily use them. After all, they do have an FCA licence as an electronic money institution, so they are not completely rogue. Mind you, NS&I might not accept them as a Bank...............

The more robust solution would certainly be HSBC. But that's most unlikely a quick application.

friolento

JayEl3 said:

 

I do have a correspondance UK address (ie. C/O address) but I wouldnt ever claim it to be my primary residence because it isnt, 

Worth a try using your C/O address - I don't think bank demand primary UK residency. They may ask for proof of address though, which you may or may not be able to supply, I don't know.

JayEl3

thanks very much Friolento