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Which UK bank to use

Which UK bank to use

Old Sep 1st 2016, 1:36 am
  #1  
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Default Which UK bank to use

I am an expat living in California, green card holder, married native girl, not planning on returning to UK for at least 10 years.
I inherited the family home a few years ago and it is now rented out through a property manager.
The income from that is paid into a TSB account, for which I have just received the latest downgrade in interest rates statement.
Now they seem to not want to offer me an account that gives more than 0.05% as I am not a resident.
So, what is my best option? Find another bank in UK that will take me and pay maybe 0.5%, or find a USA bank that will do well with deposits coming from UK in sterling?
I have a credit card with Chase, but checking account is local credit union.
Maybe BoA would give me best of both worlds (or HSBC, but they do not have a branch within 100 miles of me)?
Any advice welcomed.
Thanks,
John
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Old Sep 1st 2016, 11:35 am
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Default Re: Which UK bank to use

Originally Posted by Johnandco View Post
I am an expat living in California, green card holder, married native girl, not planning on returning to UK for at least 10 years.
I inherited the family home a few years ago and it is now rented out through a property manager.
The income from that is paid into a TSB account, for which I have just received the latest downgrade in interest rates statement.
Now they seem to not want to offer me an account that gives more than 0.05% as I am not a resident.
So, what is my best option? Find another bank in UK that will take me and pay maybe 0.5%, or find a USA bank that will do well with deposits coming from UK in sterling?
I have a credit card with Chase, but checking account is local credit union.
Maybe BoA would give me best of both worlds (or HSBC, but they do not have a branch within 100 miles of me)?
Any advice welcomed.
Thanks,
John
You are very unlikely to find a UK bank that will open a new account for you.

You could open an "off-shore" account (eg Isle of Man) but they often have fees.

If you directly transfer your income to a US bank you will lose out big time on the (already poor) exchange rate. In any event your interest here is not going to be significantly better than in the UK.

I would stick with what you have.
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Old Sep 1st 2016, 12:27 pm
  #3  
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Default Re: Which UK bank to use

Interest rate on bank deposits are pathetic everywhere. Is it really worth the hastle of chasing an extra half percent or even one percent?

Your options are very limited, and the choices you have, such as an account in the Isle of Man, involve fees, or exchange rates if you move funds to the US.
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