Returning back to UK and bank accounts
I have a Barclays current account which is still active in the UK. I am planning on leaving the US permanently within the next 6 months and wanted to transfer a chunk of money back to the UK, however I don't want it sitting in my current/checking account as it is quite a lot. So I enquired about opening a savings account but was told I can't unless I am a UK resident.
This is crazy. Not only from an interest POV but also the security aspect. Does anyone have any suggestions? |
Re: Returning back to UK and bank accounts
Transfer it to your current account just before you leave, and open a savings account when you arrive.
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Re: Returning back to UK and bank accounts
Originally Posted by Bitzi
(Post 10140681)
I have a Barclays current account which is still active in the UK. I am planning on leaving the US permanently within the next 6 months and wanted to transfer a chunk of money back to the UK, however I don't want it sitting in my current/checking account as it is quite a lot. So I enquired about opening a savings account but was told I can't unless I am a UK resident.
This is crazy. Not only from an interest POV but also the security aspect. Does anyone have any suggestions? |
Re: Returning back to UK and bank accounts
I had wanted to transfer it over now to make use of the good exchange rates.
I actually have two current accounts with two different banks and they are happy to deal with me as a non-UK resident for current account banking but not savings. The system is a sham. Security has nothing to do with it as I just had one bank rep tell me to open up an online savings account and then it does not matter where I live! |
Re: Returning back to UK and bank accounts
Originally Posted by Bitzi
(Post 10140681)
I have a Barclays current account which is still active in the UK. I am planning on leaving the US permanently within the next 6 months and wanted to transfer a chunk of money back to the UK, however I don't want it sitting in my current/checking account as it is quite a lot. So I enquired about opening a savings account but was told I can't unless I am a UK resident.
This is crazy. Not only from an interest POV but also the security aspect. Does anyone have any suggestions? We've had an account with Britannia International (owned by the Co-Operative Bank) for years and most of the UK 'High Street' banks and building societies have branches offshore, and they're perfect for British expats. When one returns to the UK mainland then the accounts are transferred to the local branch(es). These links may be useful: http://www.nationwideinternational.com/ (Isle of Man) http://www.nationwideinternational.com/questions.htm (FAQs) http://britanniainternational.com/ http://www.britanniainternational.com/help.php (FAQs) http://moneyfacts.co.uk/compare/offs...llers-savings/ http://www.which.co.uk/money/savings...shore-account/ Hope this helps! |
Re: Returning back to UK and bank accounts
Originally Posted by Bitzi
(Post 10140858)
The system is a sham. Security has nothing to do with it as I just had one bank rep tell me to open up an online savings account and then it does not matter where I live!
Or IOM/Channel Islands as Englishmum says - just bear in mind that there are different guarantee protections once you move to the "offshore" banks. |
Re: Returning back to UK and bank accounts
Originally Posted by Bitzi
(Post 10140858)
I had wanted to transfer it over now to make use of the good exchange rates.
I actually have two current accounts with two different banks and they are happy to deal with me as a non-UK resident for current account banking but not savings. The system is a sham. Security has nothing to do with it as I just had one bank rep tell me to open up an online savings account and then it does not matter where I live! Non-UK residents obviously come under different tax rules, which is why most of the main UK banks and building societies have offshore branches with accounts tailored for expats and non-domiciled foreigners in the Isle of Man, Jersey and Guernsey. Refer to my previous post for links. :) |
Re: Returning back to UK and bank accounts
Originally Posted by Yorkieabroad
(Post 10140875)
Or IOM/Channel Islands as Englishmum says - just bear in mind that there are different guarantee protections once you move to the "offshore" banks. http://www.which.co.uk/money/savings...shore-account/ |
Re: Returning back to UK and bank accounts
Originally Posted by Englishmum
(Post 10140879)
They should be OK in the IOM/Channel Isle according to the UK consumer's organisation, "Which":
http://www.which.co.uk/money/savings...shore-account/ |
Re: Returning back to UK and bank accounts
Originally Posted by Englishmum
(Post 10140879)
They should be OK in the IOM/Channel Isle according to the UK consumer's organisation, "Which":
http://www.which.co.uk/money/savings...shore-account/ Neither the Isle of Man nor Guernsey is part of the UK, so their deposit insurance schemes aren't covered by the UK scheme. Given the size of those country's economies, I very much doubt that their scheme could deal with a large bank failing. You're really relying on being bailed out by the UK (because of the impact it might have on the UK) or by a bust bank's parent (because of the reputational risk to that bank). Some people think these protections are adequate, some don't. |
Re: Returning back to UK and bank accounts
I had an account with Derbyshire IOM which was bought by an Icelandic bank which then almost immediately went belly up a few years back (before the current mess). Fortunately I'd run the account down, so only had a few thousand in it, and I got everything back,a lthough it took a few months. According to the standard letter I got, accounts over quite a low threshold (about 40 or 50k I think ) were getting decreasing percentages back. Can't remember the exact numbers, but it was no where near as protected as the UK. This was one of the reasons I moved my money out of IOM and Jersey.
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Re: Returning back to UK and bank accounts
Originally Posted by Bitzi
(Post 10140681)
I have a Barclays current account which is still active in the UK. I am planning on leaving the US permanently within the next 6 months and wanted to transfer a chunk of money back to the UK, however I don't want it sitting in my current/checking account as it is quite a lot. So I enquired about opening a savings account but was told I can't unless I am a UK resident.
This is crazy. Not only from an interest POV but also the security aspect. Does anyone have any suggestions? I moved back to the UK a year ago after working and living in the US for 30 years. When i tried to open a bank account with NAT WEST i was told before i could open an account they had to do a credit check !!! you won't find anything, but they were quite adamant. I then went to Lloyds TSB and all they wanted was to see my UK passport ( I'm a dual citizen ) so i shown them my UK passport and then account opened no problem, no credit check ect. I'm assuming you may have a UK passport as you already have a Barcleys acct. As soon as you have an address in the UK take your information as to where you live with your passport and then you will then have an acct with Lloyds......... I know where you are coming from, but like you i came across the same situation. But you have to be in the UK to do this, once done you can then set up a wire transfer. Hope this helps. Good Luck |
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