Algorfa1950

I always use a computer.

By the way, I have just found out that Skipton only guarantee savings under their compensation scheme in Guernsey up to a maximum of £50,000 for each individual with an account (so presumably £100,000 for joint account holders). We are in the process of selling our bungalow and were going to put the proceeds into a Skipton Savings Account but it sounds a bit dicey doing that when the excess amount we put with them wouldn't be guaranteed. Would we be better using another bank I wonder?

PoloMarco

NS&I…

“Most banks only guarantee your savings up to £85,000. We’re the only provider that secures 100% of your savings, however much you invest.”

Algorfa1950

So I did read that they will not always allow you to keep a savings account with them if you move abroad. I looked it up online.

PoloMarco

I assumed they are OK https://www.nsandi.com/help/join-nsa...ndi-outside-uk

and in post #2 above High Interest Savings Account Opened in UK

Algorfa1950

Actually I was just reading the T's & C's of the N.S. & I and they do guarantee 100% of your savings and can continue to hold a Direct Saver if you move abroad provided you have a UK bank account which we do have, we have arranged with Santander to change our current account to an "Everyday" Account so that could be a good route for us to place all our money with them including the proceeds from our property until we buy our next home in Spain anyway.

astera

Maybe get a notarised copy of the passport? It doesn't get any more legit than that!

Barriej

Rubbish.
I have both the savings accounts and me and the wife have premium bonds.
All opened when we still lived in the UK.
They and the Nationwide, Halifax and Uk Santander have no issues with us being in Spain and we maintain both savings and current accounts with them.
Nationwide removed my ISA and put the money in a standard account. Something called a savings card?????
True you cannot get loans or mortgages (and why would anyone loan money to people who are not resident).
I still have a Nationwide credit card although you cant buy online if it needs validating as the app needs a UK phone number (you dont have to be a Uk resident). So I bypass that by paying via Paypal..

If I were you I would open loads of accounts while still Uk resident and spread the money around. Then when one or two decide you cant have them its not too bad.
Alternatively open an NS&I and be done with it.
Id stick 50k in each of your names and the rest in the savings (you then have 100k chances of winning a million every month)
The Spanish taxman with thank you when he removes 40% when you win...

Barriej

Be careful with Santander as Santander.es is not the same company and any transfers you make from the UK will be charged.
The only benefit of having accounts in both countries is the free use of cash machines.

Lynn R

I got a small mortgage from a Spanish bank, without any difficulty, when I bought my first house in Spain, as a holiday home. The only difference between residents and non residents in getting a mortgage was that the banks would not lend as high a proportion of the property value to non residents, the maximum in those days was 60%.

The tax on lottery winnings and other prizes in Spain is 20%, on amounts higher than €40,000.

1sexsmith

​​​​​However Premium Bonds are seen as savings in Spain so you declare in IRPF as savings. Lottery wins in Spain are immediately taxed.