UK Banking and EU-Directive
Jan 14th 2012 | 1:41 am
#1
Thread Starter
BE Enthusiast
Joined: Mar 2004
Posts: 417
From: Hamilton, Ontario ex Loughton, Essex
UK Banking and EU-Directive
I don't post much anymore but thought some might find this interesting.
I've just found out that there has been an EU Directive to no longer allow non-UK residents to open accounts in the UK.
I've banked with First Direct probably at least 20 years and since I moved to Canada was always able to open up new accounts within First Direct to take advantage of the best interest rate. I had an account mature today and tried to reopen another one and I was told this directive came through 2 days ago. (Earlier in the week I was told I could open another one). You can keep existing accounts but I can't help wondering now how long that will last. I really would like to keep those accounts for when pension kicks in, in 8 years time.
It seems weird that with the state the EU is in that we are no longer allowed to keep our money there. I have moved most funds offshore in 2008 to get better interest rates (while the exchange is so low) but did want to keep some money in the UK for visits and (yeah, I have a UK timeshare that I pay from UK funds). I should also say that the income used to be 1/3rd of the income I live off of, which has been halved in recent years, hence why it is so important to earn as much as possible.
I'm especially annoyed as I moved some excess offshore a couple of days ago but because of minimum amounts it's too late to move anymore at the moment!!!! Damn the EU!
I've just found out that there has been an EU Directive to no longer allow non-UK residents to open accounts in the UK.
I've banked with First Direct probably at least 20 years and since I moved to Canada was always able to open up new accounts within First Direct to take advantage of the best interest rate. I had an account mature today and tried to reopen another one and I was told this directive came through 2 days ago. (Earlier in the week I was told I could open another one). You can keep existing accounts but I can't help wondering now how long that will last. I really would like to keep those accounts for when pension kicks in, in 8 years time.
It seems weird that with the state the EU is in that we are no longer allowed to keep our money there. I have moved most funds offshore in 2008 to get better interest rates (while the exchange is so low) but did want to keep some money in the UK for visits and (yeah, I have a UK timeshare that I pay from UK funds). I should also say that the income used to be 1/3rd of the income I live off of, which has been halved in recent years, hence why it is so important to earn as much as possible.
I'm especially annoyed as I moved some excess offshore a couple of days ago but because of minimum amounts it's too late to move anymore at the moment!!!! Damn the EU!
