Best savings accounts for American Expats

sv511

22 April 2025 Update:

Charter Savings Bank confirmed to work for American expats.

Easy Access Issue 58  pays 4.59% AER
Joint accounts allowed.
Unlimited withdrawls. 
£1 to £1,000,000


Our Coventry triple-access saver changed to a 5-access saver.   New customers are not offered the rate we are getting. 

Lloyds have a 4.25% fixed rate ISA with a penalty for early withdrawl.   Not the highest APR out there, but it is with Lloyds and it is fixed rate. 


Consult a tax expert before taking out an ISA.   An ISA might cost you more in US tax than you would save in the UK. 

If you haven't already done so, make sure you file all the required disclosure forms with your 2024 US tax return.  Consult a tax advisor. I'm not qualified.

SuzeQStan

Thanks @sv511 - we opted for the Lloyds fixed rate isas this year.  Will check out Charter - usually leading interest rates like that don’t permit dual tax residents - nice one.

sv511

Monument Bank are not offering a new account bonus or referal award.   My quick check for easy access or limited access savings acounts:

Principality Online Bonus Triple Access  4.25%. Rate falls off a cliff in 12 months.  Principality known to work, but initial account opening needed a bit of paperwork .

Charter Savings Bank. Easy Access Issue 49.  4.18%    Known to work for US citizens.   
Charter Savings 1 year fixed rate bond  4.26% AER. 

Principality have "teaser" regular savers that earn 6.5 to 7.5% AER, with maxium deposits from £50 to £250 per month.  

UK ISAs are taxed as unearned income in the US.   My US tax rate is higher than my UK one. ISAs are not for me.