Saving whilst abroad

paddingtontraveller

Hi all,

I have recently moved from the UK to Australia for 2-3 years on a skilled workers visa.
I have a cash ISA (Plum), lifetime ISA (Tembo) and a savings account.
Since moving to Australia, I have received a lump sum of £20000 from a relative passing away and wanted some guidance on how best to invest/ save this money whilst overseas.
The plan is to move back to the UK and consider buying a house at this stage so ideally I don’t want to convert the money to AUD and lose out on savings due to the exchange rate and transfer costs.
I’m also limit as I can’t put the money into the ISAs whilst overseas.
Any guidance would greatly be appreciated!

wmb194

https://forums.moneysavingexpert.com/discussion/6656976/saving-whilst-abroad

Unless you're a Crown employee you can't add to Isas whilst abroad and you'll struggle to open new savings and brokerage accounts. You're probably stuck with your ordinary savings account or possibly a NS&I account.

An offshore option might be Channel Islands and Isle of Man banks like Lloyds and Skipton International. With these your deposits won't be covered by the UK's FSCS deposit protection scheme but the local schemes.

https://www.nsandi.com/help/join-nsandi/using-nsandi-outside-uk