Joint savings account for USA and uk citizens

Trinahelen66

Hi. My partner and I want to open a joint savings account with instant access in the UK. My partner is a US citizen who lives in the US but we travel back and forth regularly as he works there and I work here in Scotland. We tried at my bank where I’ve held accounts for 25+ years but they told me because of law he can’t open an account with me as he does not live here.  Any ideas how we can work this or is it a non starter?

ColdIron

Residency is a requirement for most banks in the UK so he has that against him, but his US citizenship virtually rules him out due to the reporting requirements. It's just not worth the effort required by the banks

I think it's a non starter

born_again

You might find some but.

https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act

Expect a lot of grilling & paperwork.

Not worth the effort.

DullGreyGuy

What are you trying to achieve with a joint account?

Most banks wont entertain it but its due to licensing issues not the fact he is a US Citizen, there are many US Citizens that are resident here and some have dual British and US citizenship, they dont have issue getting UK banks accounts despite the bank having the same reporting requirements. 

Some banks do have offshore options, mainly in Channel Islands or Isle of Mann, who are more flexible on where customers live but they are aimed at those with fairly substantial sums to give to the bank, Barclays require at least £100k in their accounts or investments to get an account and £250k to get the full service, and their rates of return are nothing close to a UK retail bank. 

Bostonerimus1

Do not mix your finances with your US partner!!!!!! This can open you up to US taxation and all the associated complications. So you should actively avoid joint accounts.