Savings/Investment options for cash in UK as expat?
#1
Forum Regular
Thread Starter
Joined: Oct 2021
Posts: 41
Savings/Investment options for cash in UK as expat?
I have a decent sum sitting in my UK bank account and don't need this in Canada for the time being. What are my options as an expat to earn a decent rate on these savings just to avoid losing to inflation? and have access to it when I need it.
Otherwise I would make a lump sum payment towards the UK mortgage but it doesn't seem wise as I have a lower rate (~3%) locked in. Simple savings options are available for UK residents, but any advice for expats? Thanks
Otherwise I would make a lump sum payment towards the UK mortgage but it doesn't seem wise as I have a lower rate (~3%) locked in. Simple savings options are available for UK residents, but any advice for expats? Thanks
#2
Forum Regular
Joined: Apr 2010
Location: Toronto
Posts: 174
Re: Savings/Investment options for cash in UK as expat?
NS&I allow people living overseas to open certain accounts. I recently set one up over the telephone and it was quite simple. I did need to get proof of my Canadian address certified.
I have a decent sum sitting in my UK bank account and don't need this in Canada for the time being. What are my options as an expat to earn a decent rate on these savings just to avoid losing to inflation? and have access to it when I need it.
Otherwise I would make a lump sum payment towards the UK mortgage but it doesn't seem wise as I have a lower rate (~3%) locked in. Simple savings options are available for UK residents, but any advice for expats? Thanks
Otherwise I would make a lump sum payment towards the UK mortgage but it doesn't seem wise as I have a lower rate (~3%) locked in. Simple savings options are available for UK residents, but any advice for expats? Thanks
#3
Forum Regular
Joined: Mar 2023
Posts: 48
Re: Savings/Investment options for cash in UK as expat?
I have a decent sum sitting in my UK bank account and don't need this in Canada for the time being. What are my options as an expat to earn a decent rate on these savings just to avoid losing to inflation? and have access to it when I need it.
Otherwise I would make a lump sum payment towards the UK mortgage but it doesn't seem wise as I have a lower rate (~3%) locked in. Simple savings options are available for UK residents, but any advice for expats? Thanks
Otherwise I would make a lump sum payment towards the UK mortgage but it doesn't seem wise as I have a lower rate (~3%) locked in. Simple savings options are available for UK residents, but any advice for expats? Thanks
#4
Forum Regular
Thread Starter
Joined: Oct 2021
Posts: 41
Re: Savings/Investment options for cash in UK as expat?
#5
Forum Regular
Joined: Mar 2023
Posts: 48
Re: Savings/Investment options for cash in UK as expat?
True, on a direct comparison... paying off the mortgage seems straight forward. But I have a 50% chance I may need this cash within the next few years for a down payment or so in Canada. Which is the reason I am looking for an investment option even though the after tax returns may not be attractive.
In addition to the tax on the interest earned(income), there is also a currency gain/loss tax (CGT), difference between the GBP/CAD rate from when you acquired the funds or became tax resident to when the funds are exchanged.
#6
Re: Savings/Investment options for cash in UK as expat?
I have a decent sum sitting in my UK bank account and don't need this in Canada for the time being. What are my options as an expat to earn a decent rate on these savings just to avoid losing to inflation? and have access to it when I need it.
Otherwise I would make a lump sum payment towards the UK mortgage but it doesn't seem wise as I have a lower rate (~3%) locked in. Simple savings options are available for UK residents, but any advice for expats? Thanks
Otherwise I would make a lump sum payment towards the UK mortgage but it doesn't seem wise as I have a lower rate (~3%) locked in. Simple savings options are available for UK residents, but any advice for expats? Thanks
You can invest globally from Canada, so if you're sticking around there why not set something up in Canada instead?
#7
Forum Regular
Joined: May 2021
Location: Stony Plain, AB
Posts: 102
Re: Savings/Investment options for cash in UK as expat?
Premium bonds are reckoned to give 3% returns (not guaranteed!) and money is available at a few days notice. Downside is that each individual can only hold £50k.