Moving Money

Old Jun 2nd 2023, 8:42 pm
  #31  
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Default Re: Moving Money

Since becoming resident in Spain I held onto ISA's knowing I couldn't add to them being non UK resident. Interest when I first kept them was ok but then became dire. I looked at them at the beginning of this year basically they were zombie accounts earning near zero interest. The bank was offering newer ISAs with decent interest rates but being non resident you can't transfer to them. So I closed them and moved the money into three year NS&I Green Bond at 4.2%. I don't need the money it's really a safety net so 3 years is fine. I already have savings account and premium bonds they are fine being non UK resident so long as you retain a UK current account. As for savings accounts in the UK for non residents I didn't find it that easy finding ones for non residents. I had to change my current account after brexit as Barclays said I had to be resident to retain my current account. I moved it to HSBC current account no issues and been fine since. However I asked HSBC re savings account as I wanted to transfer that from Barclays , they said no you can have a current account but not savings? It seems brexit has made it harder for us non UK residents re savings and current accounts. It can be an issue we for instance retain a UK property which we rent out, we need a savings account to hold a buffer to cover repairs etc. I am quite happy at the moment as sorted for my needs.
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Old Jun 2nd 2023, 8:48 pm
  #32  
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Default Re: Moving Money

I still have an instant access savings account with First Direct, there have been no problems with keeping it nor my current account since Brexit, and the interest rate has improved a lot over the last 12 months (interest is paid monthly to the savings account so I benefit from compounding, although it's still a long way below the rate of inflation - but not Spanish inflation now that it has fallen to 2.9%, lol). I am still mulling over whether to open an offshore savings account with Skipton International in Jersey, the rates are slightly below the best currently on offer to UK residents with UK institutions but not much.

Sterling Offshore Savings Accounts | Skipton International Ltd
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Old Jun 2nd 2023, 8:58 pm
  #33  
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Default Re: Moving Money

Originally Posted by Lynn R
I still have an instant access savings account with First Direct, there have been no problems with keeping it nor my current account since Brexit, and the interest rate has improved a lot over the last 12 months (interest is paid monthly to the savings account so I benefit from compounding, although it's still a long way below the rate of inflation - but not Spanish inflation now that it has fallen to 2.9%, lol). I am still mulling over whether to open an offshore savings account with Skipton International in Jersey, the rates are slightly below the best currently on offer to UK residents with UK institutions but not much.

Sterling Offshore Savings Accounts | Skipton International Ltd
Hi Lynn when I was looking for savings accounts I found offshore ones but standard UK ones were limited. I don't know anything about offshore banking so wanted standard UK one. I no doubt could do better than I do interest rate wise offshore. Those rates seem decent .

Last edited by bobd22; Jun 2nd 2023 at 10:19 pm.
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Old Jun 2nd 2023, 9:12 pm
  #34  
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Default Re: Moving Money

Originally Posted by bobd22
Hi Lynn when I was looking for savings accounts I found offshore ones but standard UK ones were limited. I don't know anything about offshore banking so wanted standard UK one. I know doubt could do better than I do interest rate wise offshore. Those rates seem decent .
I had an offshore account for several years with Leeds Building Society in Gibraltar, before they shut down their branch there. It was no different from an account with a UK institution, really and I never had any problems with the Spanish tax authorities because of it. Being a cautious soul I would stick to a name I know, and Skipton International is an offshoot of Skipton Building Society in the UK which I have never heard anything bad about. I agree, I have not found anywhere offering new UK savings accounts to non UK residents. I could not open a new one with First Direct now, although I already have accounts with them. I am just thankful they let me keep them open.
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Old Jun 2nd 2023, 9:27 pm
  #35  
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Default Re: Moving Money

Originally Posted by Lynn R
I had an offshore account for several years with Leeds Building Society in Gibraltar, before they shut down their branch there. It was no different from an account with a UK institution, really and I never had any problems with the Spanish tax authorities because of it. Being a cautious soul I would stick to a name I know, and Skipton International is an offshoot of Skipton Building Society in the UK which I have never heard anything bad about. I agree, I have not found anywhere offering new UK savings accounts to non UK residents. I could not open a new one with First Direct now, although I already have accounts with them. I am just thankful they let me keep them open.
Thanks Lynn thats good to know and will be usefull when I am looking next for a new savings account. Im a bit like you and try to be careful.
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Old Jun 2nd 2023, 9:55 pm
  #36  
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Default Re: Moving Money

Originally Posted by bobd22
Thanks Lynn thats good to know and will be usefull when I am looking next for a new savings account. Im a bit like you and try to be careful.
Amen to that bobd22. Wouldn't life be different if we knew exactly how long we have left on this planet........ Spending/savings patterns would certainly change!
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Old Jun 5th 2023, 8:55 pm
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Default Re: Moving Money

Originally Posted by tebo53
I've decided to close my Barclays UK bank account as all my income is paid directly into my Spanish bank account.
I thought Barclays had already closed accounts held by non UK residents with only those who had fibbed by claiming to still be living at UK address escaping?
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Old Jun 5th 2023, 9:05 pm
  #38  
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Default Re: Moving Money

Originally Posted by Notdunroamin
I thought Barclays had already closed accounts held by non UK residents with only those who had fibbed by claiming to still be living at UK address escaping?
yes, exactly.........
At the time when I moved to Spain my pension company would not pay into a Spanish bank account so needs must, as they say!!

Steve

Last edited by tebo53; Jun 5th 2023 at 9:16 pm.
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