Best savings accounts for American Expats

sv511

We try to avoid paying in USD checks to UK accounts.   The fees and margins are absurd. 

TBH I haven't shopped much, just move the money some other way, like using xe. 

gt94sss2

I believe HSBC accept USD checks in their USD foreign currency account.

https://www.hsbc.co.uk/international/currency-account/

You can then move the balance to their Global Money account to convert it to GBP at a decent rate

Bostonerimus1

Something to think about for US expats in the UK are their US retirement accounts like 401k, IRA, ROTH etc. Depending on your UK tax residency/domicile these could be included in your estate for UK IHT purposes. Also consider the effects of RMDs on your taxes and the income tax any UK beneficiaries might have to pay. This becomes important because of the wide differences between US and UK IHT nil-rate thresholds and the upper bands and rates of UK and US income tax. I have a long term plan that involves IRA to ROTH conversions mostly for the tax benefit of my UK beneficiaries.

SuzeQStan

sv511 said:

We try to avoid paying in USD checks to UK accounts.   The fees and margins are absurd. 

TBH I haven't shopped much, just move the money some other way, like using xe. 

USD cheques almost impossible to avoid when it comes to inheritance from USA.

Bostonerimus1

SuzeQStan said:

sv511 said:

We try to avoid paying in USD checks to UK accounts.   The fees and margins are absurd. 

TBH I haven't shopped much, just move the money some other way, like using xe. 

USD cheques almost impossible to avoid when it comes to inheritance from USA.

International wire transfers and services like Wise avoid foreign currency cheques. I send money from the US to the UK regularly and have never used US$ denominated cheques. Years ago I would get a GBP "foreign draft" from my US bank, but now I just do direct wire transfers. Even US social security cheques can be deposited directly to a UK bank account....and UK SP can be directly deposited to a US bank.

SuzeQStan

Bostonerimus1 said:

SuzeQStan said:

sv511 said:

We try to avoid paying in USD checks to UK accounts.   The fees and margins are absurd. 

TBH I haven't shopped much, just move the money some other way, like using xe. 

USD cheques almost impossible to avoid when it comes to inheritance from USA.

International wire transfers and services like Wise avoid foreign currency cheques. I send money from the US to the UK regularly and have never used US$ denominated cheques. Years ago I would get a GBP "foreign draft" from my US bank, but now I just do direct wire transfers. Even US social security cheques can be deposited directly to a UK bank account.

I hear you - all the same it’s very hard to avoid a cheque when it comes to inheritance from USA . I was astonished to be honest even though it was some time ago. I hadn’t seen a cheque in years at the time.

Bostonerimus1

SuzeQStan said:

Bostonerimus1 said:

SuzeQStan said:

sv511 said:

We try to avoid paying in USD checks to UK accounts.   The fees and margins are absurd. 

TBH I haven't shopped much, just move the money some other way, like using xe. 

USD cheques almost impossible to avoid when it comes to inheritance from USA.

International wire transfers and services like Wise avoid foreign currency cheques. I send money from the US to the UK regularly and have never used US$ denominated cheques. Years ago I would get a GBP "foreign draft" from my US bank, but now I just do direct wire transfers. Even US social security cheques can be deposited directly to a UK bank account.

I hear you - all the same it’s very hard to avoid a cheque when it comes to inheritance from USA . I was astonished to be honest even though it was some time ago. I hadn’t seen a cheque in years at the time.

I suppose it depends on the executor of the estate. They surely have a bank account for the estate and that can do the wire transfer rather than writing a cheque. Going the other way when my mum died her solicitor and one of my brothers were executors and I just gave them my US bank details and the money was wired to my US bank.

sv511

Bostonerimus1 said:

Even US social security cheques can be deposited directly to a UK bank account....and UK SP can be directly deposited to a US bank.

They actually go through Citibank Ireland.   I belive they are first converted to Euro and then to GBP before the direct deposit.    They aren't the only ones who use Citibank Ireland as a route. 

Bostonerimus1

It would be a good idea for the OP to ask their question over at forums on UK-Yankee.com as there will be plenty of advice from people in a similar situation.

sv511

Best I found. Confirmed to work for US Expats. 

ISA
Principality Online Bonus 5 Access Cash ISA.   4.75%.  £1 Minimum to open.  5 withdrawls per year.
Interest paid annualy on 6 April. 

https://www.principality.co.uk/en/savings-accounts/isas/Online-Bonus-5-Access-Cash-ISA

Savings 
Coventry Building Society Triple Access Saver  4.83%.    £1-£250,000.   3 withdrawls per year.
Interest paid annualy or monthly.   Joint accounts possible, but requires mailing in a form after opening the account on-line.   

https://www.coventrybuildingsociety.co.uk/member/product/savings/limited_access/triple-access-saver-online-5.html






Regular Saver

Club Lloyds Montly Saver.  6.25%.    deposit £25 to  £400 per month.   That is £150 interest if you deposit the maximum every month.  Others offer higer interest rates, but lower deposit limits.  Must have a Club Lloyds current account.  Open on-line or in-branch. Joint account possible, but only in-branch. 


Notes:
I did not try any of the on-line "fintech" brokers. I'm not comfortable with the admittedly small risk of using one. 
I didn't chase down the last few .01 percent interest. Not worth my time.