Living abroad

Boldy

Hi, I'm living in France but still want to benefit from the hoigher savings rates in the UK. Can I open a high interest savings account (paying monthly interest ideally) whilst not living in the UK. All the best rates providers (Abbey, Kaupthing) etc state you must be a UK resident. The best rate I seen to be able to get over here is 4.25% gross. Please can anyone offer any advice? Thanks for reading. Boldy

purch

The reason that you can get a higher Interest rate for GBP, than you can for EUR is due to the likelihood that your GBP will depreciate more in 'real' terms than EUR

The higher rate might offset that depreciation, or it might not and you will lose out, or of course you may get over compensated and gain

Unfortunately it is not just a clear cut 'slam dunk' gain to earn the higher interest rate by holding your savings in GBP

If you are living in France, and spending there then the obvious and most sensible thing to do is keep your savings in the currency you use...EUR

Anything else needs to be considered a speculative decision/gamble on the exchange rate

martyn4764

Bradford & Bingley IoM do some pretty good accounts:
http://www.bbi.co.im/offshore-savings-accounts/Default.aspx

A&L, AngloIrish and others have offshore divisions, but I've generally found B&B's interest rates better than the competition.

All interest is paid gross subject to disclosure of information; obviously, all income is taxable in France.

HTH

Jonbvn

Personally, I like the A&L IOM esaver account, since B&B T&C's are restrictive.

Note that as an EU resident, you come under the EU savings directive. You will be liable for French tax on any interest.

IMHO, the addtional interest you will get on sterling is more than outweighed by the currency risk between Euros & sterling, and you may lose out big time.