scrubbedexpat79

Hi all,

I'm considering going to the US to study for a few years. Not sure yet if I would want to stay on beyond that or not. The banks I use right now have told me on the phone that if I'm out of the country any longer than 6 months then I'd have to shut my account and I can't just leave it registered to my parent's address.

My ISA provider told me the same thing, although the guy on the phone said that other customers had found other providers to transfer their ISAs to who didn't mind leaving the account open while they were abroad (obviously they can't add anything to it).

I found a lot of useful information in these forums and I see many posts recommend keeping a UK bank account while you're away so I was wondering if anyone could share which banks (and/or ISA providers) tend to be 'overseas-friendly'? That is, will allow me to keep my account despite moving abroad?

I'm aware that ISAs aren't given special treatment in the USA but from what I read being on an F1 visa means that I would retain 'nonresident alien' status for up to 5 years from my date of entry which means that my ISAs wouldn't be taxable by them anyway. So seems a good idea to keep it at least while I study.

Thanks!

tl;dr: see bolded

lansbury

I have an account with NatWest and they even send correspondence to my US address. It is active with transactions every month.

MidAtlantic

I kept my checking account with Lloyds and credit card with Nationwide with no issues. They use my US address and mail things to me as necessary. I also have a cash ISA with Virgin money (yes the interest rate is pathetic and is taxable in the USA) and again no issues.

scrubbedexpat79

Thanks for the responses! Were there any hoops you had to jump through or paperwork to fill out to get them to let you keep your accounts open? I have a NatWest account but when I phoned them up the lady was iffy about letting me keep it, saying that I may be required to come into branch to do many things including closing the account.

As far as ISA I'm looking for a stocks & shares provider but thanks anyway.

MidAtlantic

No hoops at all. I just notified them of my change of address to the US, but that was several years ago so it may be different now and different banks will have different policies.

A stocks and shares ISA is likely to be be a US tax nightmare and the advice normally is to liquidate it before you move.

Nutek

I closed my Lloyds checking account when I was in the UK last year, but it was active from when I moved over in 1996 until then.
Even whilst closing it they were more than happy to have me stay on and even offered other types of account to see if they would suit me more.
Ditto my Lloyds-issued VISA card. I only closed the accounts as I no longer had use for them. Service had been fine, all statements etc coming to my US address with no problems at all.

Giantaxe

Lloyds - they will even do two-factor authentication to a US phone number.

scrubbedexpat79

Thanks. I agree about the ISA if I ever become a US resident, but while I study I'll be on an F1 visa so from what I've read I'll be a nonresident alien meaning that gains & dividend income outside the US wont be taxable by the US, meaning it seems optimal to keep the ISA open until such time as I see myself becoming a US resident (if I get a job there after I graduate).


Seems like Lloyds are getting a lot of good recommendations, thanks all, will call them up and see what they say!

Kooky.

I've had my Yorkshire Bank account since I started work in 1982 and since 2002 I've lived in Singapore, Australia and now the US. I initially had problems with a US phone number (and YB has been a bit slow with their technology) but I now have these resolved and the app installed. I do have money going in and out, not at a volume to excite them but they've always been keen to hold onto me. Only in the last couple of years I've had to complete some kind of declaration for tax purposes - maybe because I lent my niece some money so have a regular income as she pays me back monthly.

ISAs - as you say, you can hold onto but can't pay into.