Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

cahoot bank say my account must close if I'm not in UK

cahoot bank say my account must close if I'm not in UK

Old Apr 29th 2004, 11:29 am
  #1  
Forum Regular
Thread Starter
 
Joined: Apr 2003
Location: Perth bound July 04
Posts: 70
Gazza is an unknown quantity at this point
Default 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
Gazza is offline  
Old Apr 29th 2004, 11:39 am
  #2  
Account Closed
 
Joined: Nov 2003
Posts: 1,384
ANA123 is an unknown quantity at this point
Default

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.
ANA123 is offline  
Old Apr 29th 2004, 11:40 am
  #3  
ABCDiamond
Guest
 
Posts: n/a
Default

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
 
Old Apr 29th 2004, 11:42 am
  #4  
JAJ
Retired
 
JAJ's Avatar
 
Joined: Apr 2004
Posts: 34,649
JAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond repute
Default 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

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
JAJ is offline  
Old Apr 29th 2004, 11:58 am
  #5  
Born to be ignored
 
JaneandJim's Avatar
 
Joined: Sep 2003
Location: Anstead, Brisbane
Posts: 1,138
JaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond repute
Default 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
ING Direct were the same, but Birmingham Midshires were fine about it. HSBC have a special team to deal with expats.

Jane
JaneandJim is offline  
Old Apr 29th 2004, 1:17 pm
  #6  
Home and Happy
 
Pollyana's Avatar
 
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
Pollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond repute
Default

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!
Pollyana is offline  
Old Apr 29th 2004, 1:27 pm
  #7  
BE Forum Addict
 
whisky's Avatar
 
Joined: Jun 2003
Location: Mandurah WA
Posts: 1,395
whisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond reputewhisky has a reputation beyond repute
Default

I too have an Abbey Account in the UK, have all dealings sent to an Aunt.

Whisky
whisky is offline  
Old Apr 29th 2004, 1:30 pm
  #8  
Forum Regular
Thread Starter
 
Joined: Apr 2003
Location: Perth bound July 04
Posts: 70
Gazza is an unknown quantity at this point
Default 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
Gazza is offline  
Old Apr 30th 2004, 1:23 am
  #9  
I like kittens.
 
downunderpom's Avatar
 
Joined: Oct 2003
Location: In my own little world
Posts: 1,457
downunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to behold
Default

The Abbey National send my statements here to Oz.... Dunno what the problem is.
downunderpom is offline  
Old Apr 30th 2004, 1:49 am
  #10  
Forum Regular
 
Joined: Dec 2003
Location: Brisbane!
Posts: 209
CornishPasty is on a distinguished road
Default

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.

Originally posted by downunderpom
The Abbey National send my statements here to Oz.... Dunno what the problem is.
CornishPasty is offline  
Old Apr 30th 2004, 2:50 am
  #11  
Pass The Post
 
Joined: Mar 2003
Location: Ping Ponged York via Melbourne and now pinged to Ferny Hills, Brisbane
Posts: 1,177
joh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to beholdjoh117 is a splendid one to behold
Default

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
joh117 is offline  
Old Apr 30th 2004, 5:57 am
  #12  
BE Enthusiast
 
dracupg's Avatar
 
Joined: Jul 2003
Location: Westleigh, Sydney
Posts: 553
dracupg is an unknown quantity at this point
Default

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.
dracupg is offline  
Old Apr 30th 2004, 6:27 am
  #13  
BE Forum Addict
 
tinaj's Avatar
 
Joined: Jun 2002
Location: Gold Coast- the best place in the world
Posts: 3,196
tinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud oftinaj has much to be proud of
Default

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.
tinaj is offline  
Old Apr 30th 2004, 6:33 am
  #14  
ABCDiamond
Guest
 
Posts: n/a
Default

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.
That's a good point about "Grandparents etc can pay money in for pressies etc"

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.
 
Old Apr 30th 2004, 7:14 am
  #15  
BE Enthusiast
 
dracupg's Avatar
 
Joined: Jul 2003
Location: Westleigh, Sydney
Posts: 553
dracupg is an unknown quantity at this point
Default

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!
dracupg is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.