expatnevergoingback

I've been trying to open a second bank account in the UK in order to increase the insurable amount of my funds. So far I've had no luck -most say they just have accounts for UK residents. Only hsbc said they could do it, provided I first opened a US account and then walked into a UK branch -this won't be happening any time in the near future.

Does anyone know how or with who I might be able to open an account from the US?

Bear in mind I am allergic to special expat accounts that have annual fees. I'm also wary of offshore banking because how well is that money insured?

Any help greatly appreciated.


On a sidenote -I had considered bringing the money over to the US, but it is my understanding that funds in sterling are not insured.

robin1234

The Isle of Man has recently improved its deposit insurance scheme in response to recent events. Still, IoM is problematic because it is a small jurisdiction and may not be able to come up with the cash if actually called upon to reimburse depositors.

You should look seriously at reputable institutions like Nationwide International or Bradford & Bingley, both of which operate in the Isle of Man. Neither charge a fee for a sterling account, and they both pay a decent rate of interest (decent by contemporary standards.) Lloyds TSB International charges a fee to operate an account, and now pays virtually no interest

limeynus

I have an account with Barclays in their international division ... they are located on Isle of Man ... however I did set it up before I left the UK in 1989.

dunroving

Could be wrong, but you may find it easier to open a savings account ... I don't think they are as strict about residence when it comes to savings, rather than current accounts (seem to remember reading that on here before ... may be worth looking into).

robin1234

I was looking at all the banks on the Isle of Man a few months ago, to set up an additional account to "spread the risk" a bit. I eventually settled on Nationwide. The one who adamantly said they would not open an account for anyone resident in the US was Barclays. They could not give me a reason...
All the other banks that operate in IoM simply get you to prove your identity & residential address with notarised copies of your passport, bank statements showing your home address, etc.

expatnevergoingback

Many Thanks for all the replies. To be honest I am not that keen on offshore banking. I am doing this purely for security and I think that these small outposts are particularly vulnerable -that probably sounds paranoid but that's what the current financial turmoil make me think.
IOM, to my understanding doesn't fall under the UKs insurance plan. In fact if I am not mistaken, IOM offers a lower level of insurance, and much less of an ability to pay up. I've had terrible experiences with Gibraltar banks (lost wire transfers, extortionate fees, inability to access monies etc etc) which puts me off -maybe that's an unfair reflection on IOM -I don't know.

Anyway, what I'm basically looking for is a UK savings account -for the insurance and for the lack of fees.

Has anyone managed to open a UK account from scratch remotely from the US?

Thanks again.

robin1234

I think you are absolutely right to be wary of IoM for all the reasons you list. I made the decision to divide my funds between three IoM institutions. One of them now has the great honour to be owned by the Irish Government, which allows me to sleep at night ..

Englishtart

Whatever you do, DON'T go with LLoyds TSB!!! they are pretty much useless when it comes to any account managed from outside the UK!
If you have anyone in the UK that you "trust" they can walk into any bank (except LLoyds,lol) and open an account for you, they would have to put their name on it too ( I think) but, that is probably the only way to open an account in the UK, from the US? Not much help really, but I just wanted to warn you off Lloyds!
huggies, Kim x

Jerseygirl

I don't think it's that easy to open a joint account. You can't open an account on behalf of someone else...even if it is a joint account. All parties concerned have to produce ID's ie produce utility bills with your name and UK address on them.

penguinsix

No, and I've been trying for awhile. I've actually been talking to some folks at HSBC and Citibank and even if you find a sympathetic ear willing to help, some other department comes along and sees the form and dings it for some bureaucratic reason. It's really a bear.

Jerseygirl

As you know UK banks are very strictly regulated...even more so now due to money laundering and terrorism.

Taffyles

I think you have to be resident in UK, anyway, to claim any insurance should the bank go belly up, don't you? We kept our accounts open there but don't keep much in them.

We have accounts with HSBC in Jersey- no insurance, but HSBC are good old fashioned bankers- who keep a large capital base. They don't need a bail out and don't forsee that they will. You won't get much interest there though.

Englishtart

I had my Sis added to my account in the UK, she wasn't on it when I opened it, but they allowed her to be added. She has a branch of my bank on her street, so she can pop in there if I have any issues (have had many!)
I just thought it might work the same way for other accounts?

Jerseygirl

That's different...from what you've said your sister is a UK resident and is able to go into the bank with ID. We are discussing non UK residents.

Englishtart

oh ok, I'm sorry, I got confused (usual state of mind though) Now I am even more confused, why would a non uk resident living in the US want a UK bank account?