Flute_Manhawk

afternoon!
i see news of high street banks closing accounts of non-uk residents, but if one did have an account that maintained a uk address, can you move money from one account to another - does that count as opening a new account (whereby you have to be a resident)?
basically, have funds in a current account that was opened a while ago when living in UK and now wish to move it over to a savings account - however online information states that one must to be a uk resident in order to do this.

the account, however, does have uk address, so i guess (as has been mentioned elsewhere), it's ok if you have an account already and then become non-uk resident, but messing about with moving funds around from one account to another - would that result in fines or something, should it be made clear the uk residency status is no more.

asking for a friend.
thanks,

durham_lad

Even though it is with the same bank, if you have to complete an application that has you state you are a UK resident, then saying yes when you are not actually a resident opens you up to legal ramifications. Having a UK correspondence address with your bank does not make you a resident.

Helen1964

I had exactly this same problem earlier this year. I’ve had a current account with my UK bank for decades. But because we live abroad we’re not allowed to open any more accounts, including savings accounts. No problem keeping the current account open, though.

The solution for me was to open accounts and savings bonds with NS&I. There was no need for deception. Non-UK residents are eligible for several of their products. It’s worked well for us and at least now we’re getting some kind of return on our Sterling savings.

One thing I would say is do not under any circumstances try to open JOINT accounts with NS&I. For the second named account holder, all the proofs of ID etc have to be sent by snail mail. It took us months to get the joint account up and running.
You can stash a lot of money with NS&I. They’re a savings institution, not a bank, and they’re backed by the UK Treasury so there’s no limit on the compensation amount (the limit for banks is £85 000 per institution I think).

Helen1964

I should perhaps also say that NS&I products are only available to people who already have a current account with a UK bank or building society.
Which is then used as a feeder account for the NS&I savings accounts or bonds.

They don’t accept Wise.

durham_lad

Great info Helen. We do have NS&I savings accounts for the reasons you mentioned but I didn’t realize that they allow non-residents to open accounts as long as they have a UK bank account.

tdrinker

If your bank gives you notice of account closure in future you'd need to decide whether to keep the NS&I accounts or also close them, as you'd no longer have a UK bank account to receive the funds and NS&I won't (currently) pay to Wise. There's no reason to avoid an NS&I account now, just something consider during the notice period if you're de-banked in future. Or consider now if you're intending to open a term deposit in NS&I.

Helen1964

One way to mitigate the risk of your current account being closed might be to open a Basic Bank Account with HSBC UK (not HSBC International - NS&I doesn’t recognise offshore banks as being UK banks). As cunning plans go, this one only works of course if your existing current account isn’t already with HSBC UK.

HSBC is the only UK bank I personally know of that is willing to open current accounts for non-UK residents but there may well be others out there offering a similar basic account.

MidAtlantic

Have you (or anyone else) done this?
This wording implies that it is only for those returning to the UK:

Applying from outside the UK or EU?

Make managing your money easy with an HSBC UK current account: Apply for your account from outside the UK or the EU and take full control of your finances before you reach the UK.

When you apply on-line someone calls you to go through your application. I suspect that that is when they determine if you are "returning to the UK", but I may be wrong.

Helen1964

Hi
One of my friends here in France went into the Truro branch a few weeks ago and opened a Basic Bank Account.
She made it clear she’s resident in France. She’s had no problems.

Helen1964

Just read your post properly, sorry. My friend definitely gave no indication that she was moving to the UK.
Maybe this mention of moving to the UK is just a marketing thing?

Flute_Manhawk

Hi Helen1964, that is indeed great info - thanks very much for that! I realize their rates are not the best, however definitely worth looking at - although I'm a little wary of the passport and other bank verification - i trust that is safe and secure..
I was also looking at some of these offshore options, like skipton international who appear to offer slightly better rates, but don't really know where to start - just want to move some funds from a low interest account to a higher interest savings account.

thanks again

Flute_Manhawk

yes i think you may have a point, as it does rather state on the checklist relating to the savings accounts that you a) must be over 18, b) have x amount to save, and c) be UK resident...
that being said - if an application form is required to be completed that's one thing - if it's possible to just move funds across with a mouse click that's another, but i guess point c) would still apply. (!)

thanks!

durham_lad

For sure, if you already have an account at a UK bank with your overseas address and there are no forms to complete when opening a new savings account then I would do it. I would argue that the bank already knows that I live overseas, and who reads all the small print anyway.

Flute_Manhawk

absolutely! however here's the thing - uk bank has the uk address, not the overseas address - hence the conundrum!
the NS&I option looks like a plan!

thanks all!