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Keeping UK bank accounts

Keeping UK bank accounts

Old Oct 23rd 2006, 1:10 pm
  #1  
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Default Keeping UK bank accounts

Hi all.
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
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Old Oct 23rd 2006, 1:46 pm
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Default Re: Keeping UK bank accounts

How do

We have kept our open, only the ones we dont pay fees for. Its very useful for a number of things, including last minute birthday presents, cheques and visits home.
We kept paying our life assurance for a few years as well, but have recently converted to Australian (living there presently for no other reason than were staying and thats what the financial advisor, advised.)
One of the problems you may have is that its expensive to transfer money between countries, the cheapest way we have found is to take it out of the cash point here. Going the other way, you have to pay for western union/bank/paypal fees. So its worth getting a lump sum and then doing the deed. Alternativly if you have stringe of visitors you can trust. Get them to deposit cash into your account and then provide them with the equivalent $s on arrival.
Ensure you have internet banking set up before you leave though to check balances and tranfer around UK accounts as required.
Hope it helps
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Originally Posted by SirEglamore
Hi all.
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
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Old Oct 23rd 2006, 6:40 pm
  #3  
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Default Re: Keeping UK bank accounts

Originally Posted by SirEglamore
Hi all.
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
I am doing that as we speak, been here 18 months and we have 2 bank accounts in the UK..both for convenience and paying off that endowment that matures in 2010. The bank even sends our statements to NZ!! Kate cashed in her endowment as it had 18 of a 25 stretch to do and just didn't seem worth it...but if you are half way thru seems a shame to cash it in and it will be a nice surprise in a few years to come. Just watch out for the tax implications if you bring it over to NZ..I have been told that the fruits of an endowment are classed as an 'overseas investment' and as such are liable to tax.....where as your 'start up capital' when you first emigrate is not. Does anyone know if the former is correct (NZ tax on maturing endowments)?
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Old Oct 23rd 2006, 8:16 pm
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Default Re: Keeping UK bank accounts

There is a company over here that deals in second hand endowments and these give a tax free pay out in NZ, so i assumed UK endowments would also be tax free. think many peole will keep them transfer the money and hope the tax man doesnt notice.
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Old Oct 24th 2006, 9:02 am
  #5  
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Default Re: Keeping UK bank accounts

I've kept a uk account open for the same reason, and also because my RAF pension is still being payed into it until they get around to sending it to our NZ account. I've used Tranzfers to move money from there to here. It cost £7 going from UK and $15 going to UK. You have to register with them and provide proof of ID, but I thought the rate was pretty reasonable. Here's the link:
http://www.tranzfers.com/
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