Algorfa1950

We need to move our savings account in the UK which is due to change to a low interest rate in June, but are due to move to Spain in the next couple of months permanently. I notice that some savings with high interest accounts can only be opened in the UK and I know some banks don't like you operating your bank account from Europe and may even close them. Is there any that people know of where we can open an online instant high interest savings account in the UK and keep it when we are in Spain and make withdrawals from there (online) of course also whilst in Spain.

1sexsmith

NS&I allows non residents accounts but UK based banks won't so you will have to use the off-shore ones. People used to maintain there UK savings accounts by not notifying the bank of their address change- but now banks will send you a form requiring you to update your details and false information can lead to prosecution if proven.

PoloMarco

Several of the non high street savings had in T&C the account must close if you leave UK.

Depends what you mean by high interest. MSE easy access table shows the best about 5% in UK.

Spanish N26 account has savings option paying 2.26% which isn’t comparable to UK.

Skipton International (Guernsey) offers 4.5% minimum £10k.

Algorfa1950

Was looking at the Skipton International one but the sterling account is for Corporate customers and private investors.

I need one that is open to the general public.

tebo53

Wise Online have an interest account paying 4.66% at the moment. I have been with Wise Online for many years.

https://wise.com/gb/interest/


Steve

Algorfa1950

I have got an account with Wise but didn't realise they do a savings account. Will have to look into that. Is it a fixed rate account or easy access? Do you get the same £85k protection ?

tebo53

Look here:

https://wise.com/gb/interest/

Steve

PoloMarco

https://www.skiptoninternational.com...counts/access/



“This offshore account is available to private investors only.” - you are a private investor!



“Sterling accounts for corporate customers, trust companies and pension schemes are available.” - if you’re a corporate customer then look in the business page for a Sterling account

Wise have a balance cashback option paying 3.31% on GBP

The Wise option mentioned above is marketed as “interest”. It’s not interest in the traditional bank account sense rather
“investing in a fund that holds government-guaranteed assets.”
“Capital at risk”

Algorfa1950

I don't really want anything that involves risk but just a simple 12 month interest based online savings account that has the £85k protection.

bobd22

I had a similar issue when Barclays told me they would close my current and savings account as not UK resident. I needed both types of account as we rent out a uk property so need to pay bills and have a pot to pay any repairs etc easily. I resolved it by getting an HSBC current account but they would not give me a savings account. I ended up getting an NS&I savings account as I have other accounts with them. The NS&I Direct Saver account currently is 3.65 percent interest which is variable. I find them to be ok as easy to add and withdraw when needed. Only thing is with NS&I they will allow expats to open accounts but you must have a UK Current account that they can transfer the money to for withdrawls

Algorfa1950

I think the Skipton Personal Access Account looks like a good bet and I presume that the £85k protection applies to International Accounts. I have contacted them to find out if it can be opened in joint names and they say yes, so will probably go for that one.

Thanks !

PoloMarco

Can be in joint names.

But not £85k protection because it is not UK based as a Guernsey licenced bank which has its own banking deposit compensation scheme.

Note: Withdrawal transfers are not instantaneous and may take a couple of days

Algorfa1950

Well as long as your money is protected by compensation I guess that is the same isn't it ?

astera

Barclays are chumps, I remember you mentioning that they were going to pull the plug and I couldn't believe it. This is the first time across many continents that I have seen a bank ditch a customer simply because someone is currently staying overseas. Especially since you are a citizen so this makes completely no sense as you could head back at any time and might still have interests in the UK (properties, etc.) that require the use of a local account. UK banking at its finest...

Luckily not all major highstreet banks are like Barclays.

1sexsmith

If you want zero risk NS&I is best as it is UK government. Premium Bonds are 4.4% at moment and others around 3.6%
They are super easy to use as well.