UK banks closing accounts for expats

[HHTel]

Alternately, and this is just a thought, my daughter could open an account for my personal use.
After all, she has a Thai bank account which she transfers cash into when she's visiting.

[Dannie Boy]

Would this be an account in your name or hers?

[HHTel]

It would be in her name but accessed by me. It's just a thought.

[Dannie Boy]

Be careful, it could be considered fraud, despite you not having such intentions!!

[HHTel]

She could make me a 'Joint Owner' of the account.

"You can make someone a Joint Owner of any of your bank accounts while you are living. Any joint owner of a bank account has complete access and rights to the account while you are living and after your death. "

[Dannie Boy]

Yes Joint Accounts have been around for as long as I can remember - I used to have one with my wife. You might have issues setting one up remotely but I’m sure you have/will look into that if/when you decide to proceed.


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[HHTel]

It does appear that you can add a 'joint owner' online. Id is carried out by email.
At least that's what I've gathered after having a brief google.

[PET]

She could make me a 'Joint Owner' of the account.

"You can make someone a Joint Owner of any of your bank accounts while you are living. Any joint owner of a bank account has complete access and rights to the account while you are living and after your death. "

You can have a joint a/c with her or she can have the account on which you have a full power of Attorney - standard banking practice !!

[Pagey]

What about the Premier International acct? It says no fees.

https://www.lloydsbank.com/internationa ... count.html

"You will need a deposit of at least £100,000 (or currency equivalent) to save or invest with us. There is a requirement that funds must be with us within six months of account opening."

Thats a lot of moolah to leave sitting in a bank earning jack shit and actually devaluing due to inflation!

If anyone is still looking for an instant access savings account with no fees and decent interest rates look at LLoyds International Instant Saver Account. I've just in the process of converting my historical account to this.

No minimum deposit, balance of 10k + = 2.5%, 25k = 3.5%, 50k = 4.5%.

Details in the link. https://www.lloydsbank.com/internationa ... count.html

[thecolonel]

What about the Premier International acct? It says no fees.

https://www.lloydsbank.com/internationa ... count.html

"You will need a deposit of at least £100,000 (or currency equivalent) to save or invest with us. There is a requirement that funds must be with us within six months of account opening."

Thats a lot of moolah to leave sitting in a bank earning jack shit and actually devaluing due to inflation!

If anyone is still looking for an instant access savings account with no fees and decent interest rates look at LLoyds International Instant Saver Account. I've just in the process of converting my historical account to this.

No minimum deposit, balance of 10k + = 2.5%, 25k = 3.5%, 50k = 4.5%.

Details in the link. https://www.lloydsbank.com/internationa ... count.html

Why not Ulster Bank at 5.2%(min 5000 balance)?

Plus others are over 5% with no minimums

Is this something to do with non UK residency (which you don't mention)?

Thanks

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[Pagey]

"You will need a deposit of at least £100,000 (or currency equivalent) to save or invest with us. There is a requirement that funds must be with us within six months of account opening."

Thats a lot of moolah to leave sitting in a bank earning jack shit and actually devaluing due to inflation!

If anyone is still looking for an instant access savings account with no fees and decent interest rates look at LLoyds International Instant Saver Account. I've just in the process of converting my historical account to this.

No minimum deposit, balance of 10k + = 2.5%, 25k = 3.5%, 50k = 4.5%.

Details in the link. https://www.lloydsbank.com/internationa ... count.html

Why not Ulster Bank at 5.2%(min 5000 balance)?

Plus others are over 5% with no minimums

Is this something to do with non UK residency (which you don't mention)?

Thanks

Sent from my M2007J20CG using Tapatalk

Yes, I don't have a UK address so I cannot open UK bank accounts.

[thecolonel]

If anyone is still looking for an instant access savings account with no fees and decent interest rates look at LLoyds International Instant Saver Account. I've just in the process of converting my historical account to this.

No minimum deposit, balance of 10k + = 2.5%, 25k = 3.5%, 50k = 4.5%.

Details in the link. https://www.lloydsbank.com/internationa ... count.html

Why not Ulster Bank at 5.2%(min 5000 balance)?

Plus others are over 5% with no minimums

Is this something to do with non UK residency (which you don't mention)?

Thanks

Sent from my M2007J20CG using Tapatalk

Yes, I don't have a UK address so I cannot open UK bank accounts.

Thank you for clarifying

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[Pagey]

Why not Ulster Bank at 5.2%(min 5000 balance)?

Plus others are over 5% with no minimums

Is this something to do with non UK residency (which you don't mention)?

Thanks

Sent from my M2007J20CG using Tapatalk

Yes, I don't have a UK address so I cannot open UK bank accounts.

Thank you for clarifying

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Also if you are a UK tax payer I presume you would have to pay tax on your 5% interest with Ulster or other UK banks ?

No tax on the interest of offshore accounts.

[thecolonel]

Yes, I don't have a UK address so I cannot open UK bank accounts.

Thank you for clarifying

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Also if you are a UK tax payer I presume you would have to pay tax on your 5% interest with Ulster or other UK banks ?

No tax on the interest of offshore accounts.

Yes with a balance of over 50k you would be quids in with offshore 4.5% gross and net versus 4.2 % net on shore

I assume anyone can have an offshore a/c? You don't have to prove live you outside of UK for more than 6 months a year? Or do you simply declare that you do?

Thanks

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[pharvey]

In the UK, with opening a bank account you need to go through the hoops and rightly so. A current account cannot be opened online whether you are new to the bank or an existing account holder without being present and Face-Face. With existing account holders in most banks, a "Saver/Bonus Saver Online Account" is the way to go without doubt - interest is paid monthly (+/- 4%), you have complete access to your money but if you make a withdrawal that interest drops to 2% ish BUT ONLY FOR THAT MONTH!

If a UK Expat, sorry but if you can't prove 50K in assets/pension/savings there's an issue in why retire to Thailand (where your pension may be reduced). The £50K mentioned (HSBC/Lloyds etc) is not necessarily savings alone... What is the income?

HSBC Offshore for example is still the UK, though with a few benefits (different currencies, tax etc) - I only say this as I still hold Offshore Accounts and UK Accounts with the HSBC...