ISA's
Mar 13th 2010, 8:50 am
#1
BE Enthusiast
Thread Starter
Joined: Oct 2008
Location: Brisvegas
Posts: 460
ISA's
Does anyone know the position with holding ISAs whilst a non UK resident? I knew I couldn't open a new one, but have an old one that I'd forgotten about. I'm not sure when I'm going to return to the UK - we came out to Australia temporarily.
I've now contacted the bank and they've told me I have to cash it in. Is this correct?
I've now contacted the bank and they've told me I have to cash it in. Is this correct?
Mar 13th 2010, 2:40 pm
#2
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Joined: Nov 2007
Location: Helensburgh...the proper one in Scotland
Posts: 947
Re: ISA's
I don't think the bank are correct in what they have said. I hold 4 ISA's in the UK and have been non-resident for 6 years.
The only restrictions are I can't invest more in them, or open new ISA's.
The only restrictions are I can't invest more in them, or open new ISA's.
Mar 13th 2010, 7:00 pm
#3
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Joined: Jun 2009
Location: Wivenhoe
Posts: 595
Re: ISA's
Chortlepuss
Technically you should be able to keep your Isa while outside the UK but you cannot add to it.
Your bank may not wish to keep the account open for whatever reason and is taking the easy route out by asking you to close it. Is their answer in writing or was it from a call centre?
Practically speaking keeping Isas going while outside the UK is difficult as the banks continue to drop interest rates in old accounts to the point where they are worthless, rates that were 5% a year ago maybe 0.5% today once fixed rates or bonus rates finish. If you were in the UK you could transfer for a better rate but while you are outside the UK you cannot open a new Isa with a different bank in order to get a better rate.
Loch Lomond, I would be interested to know what rate of interest you have managed to maintain on your Isas while away and what bank you chose. Have you rolled over fixed rate Isas?
Regards Les
Technically you should be able to keep your Isa while outside the UK but you cannot add to it.
Your bank may not wish to keep the account open for whatever reason and is taking the easy route out by asking you to close it. Is their answer in writing or was it from a call centre?
Practically speaking keeping Isas going while outside the UK is difficult as the banks continue to drop interest rates in old accounts to the point where they are worthless, rates that were 5% a year ago maybe 0.5% today once fixed rates or bonus rates finish. If you were in the UK you could transfer for a better rate but while you are outside the UK you cannot open a new Isa with a different bank in order to get a better rate.
Loch Lomond, I would be interested to know what rate of interest you have managed to maintain on your Isas while away and what bank you chose. Have you rolled over fixed rate Isas?
Regards Les
