Opening new/keeping accounts when living abroad

sheemtr

Hi,

I used to live in the UK for many years until I decided to move to Spain a couple of years ago. I have kept a few UK accounts (easy savings, notice accounts and stocks) but most of them are no longer very interesting for my savings. Besides, I still earn my salary in GBP and most of my money is in the UK.

I am struggling to find accounts (easy savings, notice accounts, fixed terms,...) that can be opened when you are no longer a UK resident (and UK tax resident). I also think that some accounts are supposed to be closed when you move abroad which makes everything even more difficult. 

Thank you!

wmb194

sheemtr said:

Hi,

I used to live in the UK for many years until I decided to move to Spain a couple of years ago. I have kept a few UK accounts (easy savings, notice accounts and stocks) but most of them are no longer very interesting for my savings. Besides, I still earn my salary in GBP and most of my money is in the UK.

I am struggling to find accounts (easy savings, notice accounts, fixed terms,...) that can be opened when you are no longer a UK resident (and UK tax resident). I also think that some accounts are supposed to be closed when you move abroad which makes everything even more difficult. 

Thank you!

If you still have a UK current account you might be able to open an account with NS&I but in general you're going to struggle. Instead of savings accounts you could use money market funds in your GIA (you mention owning stocks).

Hoenir

sheemtr said:

 I also think that some accounts are supposed to be closed when you move abroad which makes everything even more difficult. 

Have you informed these financial institutions of your residency? 

sheemtr

Hoenir said:

sheemtr said:

 I also think that some accounts are supposed to be closed when you move abroad which makes everything even more difficult. 

Have you informed these financial institutions of your residency? 

I did to at least 2 of them. They seemed happy to keep me account open but it sounded like "only if I return to the UK" at some point soon.

Hoenir

sheemtr said:

Hoenir said:

sheemtr said:

 I also think that some accounts are supposed to be closed when you move abroad which makes everything even more difficult. 

Have you informed these financial institutions of your residency? 

I did to at least 2 of them. They seemed happy to keep me account open but it sounded like "only if I return to the UK" at some point soon.

You've presumably changed your account details to that of the foreign residence. 

sheemtr

Hoenir said:

sheemtr said:

Hoenir said:

sheemtr said:

 I also think that some accounts are supposed to be closed when you move abroad which makes everything even more difficult. 

Have you informed these financial institutions of your residency? 

I did to at least 2 of them. They seemed happy to keep me account open but it sounded like "only if I return to the UK" at some point soon.

You've presumably changed your account details to that of the foreign residence. 

Yes, that's correct. One of them (Starling Bank), asked for more information but eventually they accepted the change and it shows as foreign residency. The problem is that I don't know how to be able to keep my wages and my money in GBP if there is not an option to open accounts when living abroad. I would like to avoid moving my money to EUR, if possible. 

gt94sss2

Not the most competitive interest rate but HSBC UK will let you apply for accounts from Spain

https://www.hsbc.co.uk/current-accounts/products/

You could also consider an offshore savings account 

https://moneyfactscompare.co.uk/savings-accounts/offshore-savings-accounts/