Brownstar, which Bank do you use for a sterling account in Canada. I've never been able to find one.

Thanks for your help,

Phil

Probably the best bet for a return on your money at the moment is the bluest of blue chip dividend paying stocks; the tax rate on dividends in Canada is very favourable also. I also appreciate that the stock market is not for everyone.

Why go offshore? I cannot see the advantage these days. You still have to declare interest for tax purposes in Canada and the UK.

New immigrants to Canada can also establish a 5 year immigrant trust in which they can invest their money in Canada for up to 5 years tax-free:

http://www.foxexchange.com/public/fo...rust102006.PDF

In the earlier answer to this, higher interest rates were given as a reason.

Check post number 6

Certain accounts can be opened by non-residents. I opened one while back there on holiday. It does not pay much interest and is a basic savings account.

I have never found this to be the case. ICICI Bank UK offer 4.35% in the UK on a fixed deposit and I would doubt that anyone can beat this at the moment. I have also found that fees are often high with an offshore account. But, I am open to being proved wrong.

Try this site, it is good for comparing accounts:

www.fool.co.uk

It is called "fool" because, in the Middle Ages, the court jester was the only person who was allowed to tell the truth (to the king).

That's impressive.

I was getting interest rates way in excess of all accounts I saw from Cahoot. I think it was around the 6.00% in the last few years. It's fallen to about 0.5% now unless you have loadsamoney. So when I saw between 2 & 3 % on the offshore sites for a grand or 5 it seemed pretty good.

Since my first post on this thread I came to the same conclusion about the fees for the amounts I'd be concerned with.

I've yet to find any and I'd be grateful if you could point me there.

Try these people:

www.internaxx.lu

It is essentially an online trading account but allows you to hold cash/equities in multiple currencies. The interest rates are the pits but exchange rates are good and you can convert online.

Halifax have accounts for non-residents. Here is their site, give me some time and I will try to find the exact info. I will send you a PM.

http://www.halifax.co.uk/home/home.asp

As far as I know, there are two. Try:

http://www.hsbc.ca/1/2/en/home/home

or....

http://www.icicibank.ca/default.htm

Useful info. Cheers.

Thanks John. Actually I remember now that I came across the HSBC account but didn't like their 2.50 pounds per transaction fee. It must be me but I couldn't find sterling accounts on the ICICI website. I'll give them a call.

I checked this out with Bradford and Bingley and was assurred that the account is covered by the government guarantee. I have it in writing.

Which government?