cahoot bank say my account must close if I'm not in UK
#1
Forum Regular
Thread Starter
Joined: Apr 2003
Location: Perth bound July 04
Posts: 70
cahoot bank say my account must close if I'm not in UK
Hi all,
I sent an email to my internet bank - cahoot (abbey national) asking how to apply to receive my interest gross as I'll be in Oz from July.
They said I must be in the UK at least 6 months of every 12 months or else they cannot offer me an account. I'm not in debt and have a reasonably healthy balance.
Anyone else had that from a UK bank?
Any suggestions would be great.
Do people simply not inform their banks that they're moving and arrange for corres to be sent to family member's address?
I could do that but still have the issue of interest being taxed in the UK.
Cheers,
Gaz
I sent an email to my internet bank - cahoot (abbey national) asking how to apply to receive my interest gross as I'll be in Oz from July.
They said I must be in the UK at least 6 months of every 12 months or else they cannot offer me an account. I'm not in debt and have a reasonably healthy balance.
Anyone else had that from a UK bank?
Any suggestions would be great.
Do people simply not inform their banks that they're moving and arrange for corres to be sent to family member's address?
I could do that but still have the issue of interest being taxed in the UK.
Cheers,
Gaz
#2
Account Closed
Joined: Nov 2003
Posts: 1,384
Also had this with Egg so I decided not to tell my other bank and have redirected my mail to MIL's. Not sure why they do this, it does make things difficult.
#3
Guest
Posts: n/a
My UK Bank (HSBC) suggested I should fill in the Inland Revenue form so I could get my interest tax free.
The Manager even phoned me out here, after I left, after selling my house and business, to confirm my funds would be sent over to my Australian account. I think he got the picture that I left the country
I still have the account and credit card
The Manager even phoned me out here, after I left, after selling my house and business, to confirm my funds would be sent over to my Australian account. I think he got the picture that I left the country
I still have the account and credit card
#4
Re: cahoot bank say my account must close if I'm not in UK
Most UK banks should be happy to continue to deal with you if resident overseas.
There have been a number of reports about some of the the 'online' banks being less flexible than the main High Street names in this respect.
Another option is to investigate the services your bank's branches in the Isle of Man and Channel Islands provide (these generally cater for UK expatriates overseas, providing UK banking services). However, there is no obligation to go to the offshore branches as your own branch should be ok to keep dealing with you.
There is no law that obliges you to be UK resident to keep having a UK account.
The other issue that's come up in the last few years is that some UK banks no longer accept non-residence in the UK as a reason to not withhold 20% tax from interest. Your options may be:
- have the 20% tax withheld (and reclaim it in a UK tax return if your UK tax liability is zero - bearing in mind you would be expected to declare the interest in Australia); or
- move the money to a bank in the Channel Islands or Isle of Man where no tax should be withheld, however interest rates paid on 'offshore' accounts may be lower and you are still obliged (once Australian tax resident) to declare the interest in Australia.
Jeremy
There have been a number of reports about some of the the 'online' banks being less flexible than the main High Street names in this respect.
Another option is to investigate the services your bank's branches in the Isle of Man and Channel Islands provide (these generally cater for UK expatriates overseas, providing UK banking services). However, there is no obligation to go to the offshore branches as your own branch should be ok to keep dealing with you.
There is no law that obliges you to be UK resident to keep having a UK account.
The other issue that's come up in the last few years is that some UK banks no longer accept non-residence in the UK as a reason to not withhold 20% tax from interest. Your options may be:
- have the 20% tax withheld (and reclaim it in a UK tax return if your UK tax liability is zero - bearing in mind you would be expected to declare the interest in Australia); or
- move the money to a bank in the Channel Islands or Isle of Man where no tax should be withheld, however interest rates paid on 'offshore' accounts may be lower and you are still obliged (once Australian tax resident) to declare the interest in Australia.
Jeremy
Originally posted by Gazza
Hi all,
I sent an email to my internet bank - cahoot (abbey national) asking how to apply to receive my interest gross as I'll be in Oz from July.
They said I must be in the UK at least 6 months of every 12 months or else they cannot offer me an account. I'm not in debt and have a reasonably healthy balance.
Anyone else had that from a UK bank?
Any suggestions would be great.
Do people simply not inform their banks that they're moving and arrange for corres to be sent to family member's address?
I could do that but still have the issue of interest being taxed in the UK.
Cheers,
Gaz
Hi all,
I sent an email to my internet bank - cahoot (abbey national) asking how to apply to receive my interest gross as I'll be in Oz from July.
They said I must be in the UK at least 6 months of every 12 months or else they cannot offer me an account. I'm not in debt and have a reasonably healthy balance.
Anyone else had that from a UK bank?
Any suggestions would be great.
Do people simply not inform their banks that they're moving and arrange for corres to be sent to family member's address?
I could do that but still have the issue of interest being taxed in the UK.
Cheers,
Gaz
#5
Re: cahoot bank say my account must close if I'm not in UK
Originally posted by Gazza
Hi all,
I sent an email to my internet bank - cahoot (abbey national) asking how to apply to receive my interest gross as I'll be in Oz from July.
They said I must be in the UK at least 6 months of every 12 months or else they cannot offer me an account. I'm not in debt and have a reasonably healthy balance.
Anyone else had that from a UK bank?
Any suggestions would be great.
Do people simply not inform their banks that they're moving and arrange for corres to be sent to family member's address?
I could do that but still have the issue of interest being taxed in the UK.
Cheers,
Gaz
Hi all,
I sent an email to my internet bank - cahoot (abbey national) asking how to apply to receive my interest gross as I'll be in Oz from July.
They said I must be in the UK at least 6 months of every 12 months or else they cannot offer me an account. I'm not in debt and have a reasonably healthy balance.
Anyone else had that from a UK bank?
Any suggestions would be great.
Do people simply not inform their banks that they're moving and arrange for corres to be sent to family member's address?
I could do that but still have the issue of interest being taxed in the UK.
Cheers,
Gaz
Jane
#6
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
I'm with the Abbey; haven't told them at all. My mail goes to my mate's place and he sends on anything I need, and my account has internet access so how would they know where I am.
However, the account never has enough in it to raise the question of interest, that might complicate things!
However, the account never has enough in it to raise the question of interest, that might complicate things!
#8
Forum Regular
Thread Starter
Joined: Apr 2003
Location: Perth bound July 04
Posts: 70
Re: cahoot bank say my account must close if I'm not in UK
Thanks folks,
I think Jeremy's option 1 would be best suited to me.
My preference would be to keep my UK internet account so I will say nothing more to my bank about emigrating and continue to have my interest taxed at source.
I could then simply reclaim the tax when filing my UK tax return (to be filed online from Oz) and arrange for the tax rebate to be paid straight to the very same internet account.
I can then declare the interest when filing an online Oz tax return.
God bless the internet!
Gaz
I think Jeremy's option 1 would be best suited to me.
My preference would be to keep my UK internet account so I will say nothing more to my bank about emigrating and continue to have my interest taxed at source.
I could then simply reclaim the tax when filing my UK tax return (to be filed online from Oz) and arrange for the tax rebate to be paid straight to the very same internet account.
I can then declare the interest when filing an online Oz tax return.
God bless the internet!
Gaz
#10
Forum Regular
Joined: Dec 2003
Location: Brisbane!
Posts: 209
I think it may be the credit card companies rather than banks with savings. Egg told me I cant have an account if I am resident in Oz. I told them I am just doing some travelling on a WHV and changed my address to my parents. My Barclays savings account on the other hand said it was no problem.
I might as well close the egg account though, I used it when I first got here for a PC and other things and it kept being declined, even after I called them to say it was me and they said fine...it continued to happen and my parents recieved a letter from them to say my card might be being used fraudulently. Good that they are checking, but not so good after I contact them.
I might as well close the egg account though, I used it when I first got here for a PC and other things and it kept being declined, even after I called them to say it was me and they said fine...it continued to happen and my parents recieved a letter from them to say my card might be being used fraudulently. Good that they are checking, but not so good after I contact them.
Originally posted by downunderpom
The Abbey National send my statements here to Oz.... Dunno what the problem is.
The Abbey National send my statements here to Oz.... Dunno what the problem is.
#11
Pass The Post
Joined: Mar 2003
Location: Ping Ponged York via Melbourne and now pinged to Ferny Hills, Brisbane
Posts: 1,177
We have natwest and Lloyds tsb accounts in UK and mail is posted no probs to an Oz address. Also have two CC with Capital One and they also had no problems posting overseas.
If this helps
Jo
If this helps
Jo
#12
I have been with smile (Co-Op) and I was using my parent’s address as a correspondence address and getting interest paid gross on my accounts. Everything was fine, but they have recently asked me to confirm my “not normally resident� status with them, given I have a UK correspondence address.
Not sure what is going to happen, but I reckon I will either have to cop the tax on the savings or close the accounts. Not too fussed on the interest, but it will be a pain trying to keep Endowments etc going in the UK without it.
So, it sounds like all the Internet banks have a similar policy.
Not sure what is going to happen, but I reckon I will either have to cop the tax on the savings or close the accounts. Not too fussed on the interest, but it will be a pain trying to keep Endowments etc going in the UK without it.
So, it sounds like all the Internet banks have a similar policy.
#13
We haven't told our banks either, all the mail goes to my Mum's house and we view the accounts online.
It has been handy keeping them as Grandparents etc can pay money in for pressies etc. We are still waiting for money to be sent to us from bill refunds etc after 4 months, this will also get paid into our uk account.
Also if you have a UK visa which you use out here you still need a uk bank account.
It has been handy keeping them as Grandparents etc can pay money in for pressies etc. We are still waiting for money to be sent to us from bill refunds etc after 4 months, this will also get paid into our uk account.
Also if you have a UK visa which you use out here you still need a uk bank account.
#14
Guest
Posts: n/a
Originally posted by tinaj
It has been handy keeping them as Grandparents etc can pay money in for pressies etc. We are still waiting for money to be sent to us from bill refunds etc after 4 months, this will also get paid into our uk account.
Also if you have a UK visa which you use out here you still need a uk bank account.
It has been handy keeping them as Grandparents etc can pay money in for pressies etc. We are still waiting for money to be sent to us from bill refunds etc after 4 months, this will also get paid into our uk account.
Also if you have a UK visa which you use out here you still need a uk bank account.
My Dad likes to give my daughter something for Birthday and Christmas, but first time he sent a cheque in £.
We lost half of it in bank conversion fees !
Now he pays it to my UK credit card, and I use the card to buy her the present.
Then I take a digital photo of what I bought, and email him a copy, so he knows what he bought for her.
#15
Another good idea for kids if their relatives are back home, is to use National Saving Children’s bonds. The relatives can pay in Xmas money etc into any post office and National Savings are fine if you reside overseas.
Interest not great and yes it is accumulating in GBP, but there is less chance it will get spent that way!
Interest not great and yes it is accumulating in GBP, but there is less chance it will get spent that way!