Probably stupid Savings account question

Jimj40

Take it from me that it's no fun knowing that you really are old now, that the simplest things have become difficult and confusing, and the memory loss is the icing on the cake - so please try to be gentle with this probably stupid question.

I live abroad and presently have £100K in a Savings account with RBS, earning pretty abysmal interest.  I've tried wading through various "guides" but just end up even more confused.

I'm sure that I'm probably not the only person in these two boats so I'd welcome Forumites' suggestions/advice on any savings accounts that might be worth looking at. Not knowing what might happen tomorrow makes me think that an instant access, or at least fairly short notice, account would be most suitable. I already have the max holding in Premium Bonds.

Thanks to anyone and everyone for their input.

Brie

Don't know in particular which is the best account for you but do watch out for the fact that banks may not want your money depending on where you live.  As I understand it British banks can't have accounts for those living in the European Union but I don't know how far that regulation goes.

VNX

https://moneyfactscompare.co.uk/

eskbanker

Jimj40 said:

I live abroad and presently have £100K in a Savings account with RBS, earning pretty abysmal interest.

As above, saying where you live might help, but your UK-based options are likely to be limited.  A sizable sum like that would qualify you for some of the offshore accounts run by the international subsidiaries of UK banks such as HSBC or Lloyds, but have you considered saving in accounts where you live?

Jimj40

Brie said:

Don't know in particular which is the best account for you but do watch out for the fact that banks may not want your money depending on where you live.  As I understand it British banks can't have accounts for those living in the European Union but I don't know how far that regulation goes.

Some UK banks are okay with EU residents, RBS for example, but their offerings are pretty miserly. As you say, some decidedly aren't and will close the account on you. The problem is that it's rare for them to tell you that the account isn't available without wading through the application process and disclosing details that, for all I know, may be retained.

I can't be the only person living in the EU and looking to maximise the interest I'm getting and I'm hoping that another refugee from Perfidious Albion might have some wrinkles to share.   

Jimj40

VNX said:

https://moneyfactscompare.co.uk/

Thanks - I've tried that but there doesn't seem to be a way to exclude the "UK residents only" entries..

Eyeful

Try asking your question on one of the two AI chat bots below and see if the can help you.
Tell them what country you want the savings account in.
Ask them to tell you, as if telling a 12 years old.
https://chatgpt.com/
https://www.perplexity.ai/

badger09

Jimj40 said:

Take it from me that it's no fun knowing that you really are old now, that the simplest things have become difficult and confusing, and the memory loss is the icing on the cake - so please try to be gentle with this probably stupid question.

I live abroad and presently have £100K in a Savings account with RBS, earning pretty abysmal interest.  I've tried wading through various "guides" but just end up even more confused.

I'm sure that I'm probably not the only person in these two boats so I'd welcome Forumites' suggestions/advice on any savings accounts that might be worth looking at. Not knowing what might happen tomorrow makes me think that an instant access, or at least fairly short notice, account would be most suitable. I already have the max holding in Premium Bonds.

Thanks to anyone and everyone for their input.

This really resonates with me, though I wouldn’t describe myself as really🤔 old.
Have you looked at NS&I savings? While nowhere near the best rates, they do offer some products to non UK residents, providing you still hold a UK bank account. 

PRAISETHESUN

Eyeful said:

Try asking your question on one of the two AI chat bots below and see if the can help you.
Tell them what country you want the savings account in.
Ask them to tell you, as if telling a 12 years old.
https://chatgpt.com/
https://www.perplexity.ai/

I wouldn't rely on AI to get things like this right. It's good for certain things, but this is not one of them.

eskbanker

PRAISETHESUN said:

Eyeful said:

Try asking your question on one of the two AI chat bots below and see if the can help you.
Tell them what country you want the savings account in.
Ask them to tell you, as if telling a 12 years old.
https://chatgpt.com/
https://www.perplexity.ai/

I wouldn't rely on AI to get things like this right. It's good for certain things, but this is not one of them.

I don't see an issue with using it to generate ideas, even if they have to be verified with actual providers, which is essentially similar to reading MSE 'best buy' listings.

In response to 'who provides UK savings accounts to EU residents?', Perplexity offers:

Based on the search results, most major UK banks and building societies no longer provide savings accounts for EU residents due to Brexit-related restrictions. However, some international banking services are still available:

1. HSBC Expat offers a Saver Account for international customers, including those in the EU, with options in GBP, USD, and EUR4.
2. Lloyds Bank International provides savings accounts for international customers, including an International Instant Saver Account available in Sterling, US Dollar, and Euro5.
3. Barclays International Banking offers services for expats, including savings options, but requires a minimum balance of £100,000 (or currency equivalent) and residence in a qualifying country6.

It's important to note that many UK-based banks have restrictions:

• Nationwide is no longer able to provide savings accounts for members living in certain EU or European Economic Area (EEA) countries1.
• Bank of Scotland does not offer savings accounts to customers living outside the UK2.
• NS&I requires customers to have a UK bank or building society account and may have restrictions in certain countries3.

When considering opening a savings account as an EU resident, it's crucial to check the specific requirements and restrictions of each provider, as they may vary depending on the country of residence and the amount of savings.

Obviously such information still needs to be verified in order to act on it but the same could be said about any other replies on a public forum!  I haven't actually followed the links in there, but have no particular reason to doubt that they're appropriate, from a quick hover....

PRAISETHESUN

@eskbanker fair enough and I agree that due diligence is always needed, but telling someone who is new to this to just "go and ask AI" without much further context or any warnings about what to do with the information provided is potentially a bit irresponsible.