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Best savings options for people with 2 tax residents

Best savings options for people with 2 tax residents

Old Jan 29th 2024, 10:33 am
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Default Best savings options for people with 2 tax residents

Hello,

We recently moved back to the UK from the US. We are trying to figured out a savings plan for the money we have in our account in the UK as we want to purchase a house in a year or two. I have UK and US citizenship and so I'm struggling to find a fixed term savings account because of having two tax residences. Any suggestions from the BritExpat community would be gratefully appreciated!

Thanks in advance
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Old Jan 30th 2024, 3:21 pm
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Default Re: Best savings options for people with 2 tax residents

I don't know how it works with regards tax, but for a short-term, flexible option, take a look at premium bonds. £50k maximum per person, and prizes are tax-free, no matter how big. The nominal prize rate (equivalent to interest rate if you have a large amount invested) is usually quite competitive for a flexible investment.
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Old Jan 30th 2024, 9:08 pm
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Default Re: Best savings options for people with 2 tax residents

Originally Posted by dunroving
I don't know how it works with regards tax, but for a short-term, flexible option, take a look at premium bonds. £50k maximum per person, and prizes are tax-free, no matter how big. The nominal prize rate (equivalent to interest rate if you have a large amount invested) is usually quite competitive for a flexible investment.
+1 on premium bonds.

we also have savings in other NS&I savings accounts and bonds, like premium bonds the principal is fully backed by the UK Treasury
https://www.nsandi.com/home-page

Another good place to research good interest bearing accounts is Martin Lewis, Money Saving Expert.

https://www.moneysavingexpert.com/



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Old Jan 31st 2024, 10:27 am
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Default Re: Best savings options for people with 2 tax residents

Originally Posted by dunroving
I don't know how it works with regards tax, but for a short-term, flexible option, take a look at premium bonds. £50k maximum per person, and prizes are tax-free, no matter how big. The nominal prize rate (equivalent to interest rate if you have a large amount invested) is usually quite competitive for a flexible investment.
thank you so much for this advice. I’m going to do some research today!
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