# Uk Bank accounts



## owdoggy (Jul 23, 2008)

With the interest rate doing it's best to nose dive we've got our meagre savings split across quite a few different UK savings accounts which all stated that you have to be a resident in the UK. So what happens when we move to Spain? Can we still keep 'em going even though we don't live in the UK anymore?
Sorry if this seems abit of a daft'un but now we're retired & relying on savings & pensions this is all a bit new to me.

Aye, I know I should have been financially organised long ago but hey................I've always been tail end charlie

As always, any info appreciated


Doggy


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## chris(madrid) (Mar 23, 2008)

Doggy - ow well do you know the branch managers?. The easy way is keep a UK address. Often there is an IRAS issue. Be careful. 

If you bank detects you have an overseas address - they are OBLIDGED by law to report all accounts opened since a certain date (May 2004 I think) to the Inland Revenue - who DO report it to (in Spains case) Hacienda. You should be anyway irrespective of account age if you're completing Spanish tax returns - which legally you have too if you're resident here (retired or not)


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## Bevdeforges (Nov 16, 2007)

Other than the reporting issue, though, I've found my UK bank to be very accommodating. When you change your address to an overseas one, they'll most likely contact you if there is any problem about the type of account.

I simply left my current account open when I left the UK ages ago. Came in handy when I got a gig with a publisher who wanted to pay me in sterling. Then, when the bank noticed I had a reasonable balance lying idle in the account, they sent me a note suggesting that I transfer some of it to a savings account. I was limited in the type of savings account I could open as a non-resident, but still the bank manager I spoke to was very helpful.

You might want to talk to someone at one of your banks before your move to see if maybe you should consolidate your accounts a bit.
Cheers,
Bev


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## Stravinsky (Aug 12, 2007)

I have an internet account and a physical account which we left open. They know we are abroad, but it doesn't seem to be a problem to them. You wont be able to open a new one once you have left

Also my IFA is not allowed under IFA rules to communicate with me in Spain, he can only communicate with a UK resident ...... theoretically


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## decgraham (Apr 24, 2008)

owdoggy said:


> With the interest rate doing it's best to nose dive we've got our meagre savings split across quite a few different UK savings accounts which all stated that you have to be a resident in the UK. So what happens when we move to Spain? Can we still keep 'em going even though we don't live in the UK anymore?
> Sorry if this seems abit of a daft'un but now we're retired & relying on savings & pensions this is all a bit new to me.
> 
> Aye, I know I should have been financially organised long ago but hey................I've always been tail end charlie
> ...


There is always the offshore route, Isle of Man, Jersey, etc and they have some good products (considering the current global situation) You can have a cheque book, credit card and do all your banking on line. It is then up to you to decide if they declare your interest income or you do. (European Savings Tax Directive) Some have branches in Spain too. I, like Stravinsky still have a UK account and have had it since I moved to the ME 27 years ago, works fine for me for any day to day transactions, and I've never had a problem regarding my non UK address.


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## owdoggy (Jul 23, 2008)

Ta for the info.
As we're renting for (at least) six months to begin with and renting out our house in the UK then we will still have a UK address for that time but it would be easier to sort things out in the uk while we're still here.

It would seem I have a bit of research to do to see which way the wind blows with the banks in question ........... oh joy!



Doggy


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## Stravinsky (Aug 12, 2007)

owdoggy said:


> Ta for the info.
> As we're renting for (at least) six months to begin with and renting out our house in the UK then we will still have a UK address for that time but it would be easier to sort things out in the uk while we're still here.
> 
> It would seem I have a bit of research to do to see which way the wind blows with the banks in question ........... oh joy!
> ...


Open a Nationwide account before you leave. You can use your card anywhere in europe to withdraw cash and with no currency charges.

So Im told, the rates of exchange are fine


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## GVW (Jan 30, 2009)

One of the more useful things to do if you are living in Spain is use a bank with branches in both Spain and UK that way it is easier to transfer money across - depending on where you are living in Spain both Halifax and Barclays do this that I know of.


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## owdoggy (Jul 23, 2008)

Thanks again. 
Aye, I've got a current account sorted with Halifax, mainly because that's where the people we're renting off have theirs & it'll be easier to pay (you would have thought) but I'm thinking more of savings accounts. I don't want to have all my eggs in one basket and move the money to Spain ........ unless of course the exchange rate goes up to 2.summat ......... then I might think about it

Doggy


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## crookesey (May 22, 2008)

decgraham said:


> There is always the offshore route, Isle of Man, Jersey, etc and they have some good products (considering the current global situation) You can have a cheque book, credit card and do all your banking on line. It is then up to you to decide if they declare your interest income or you do. (European Savings Tax Directive) Some have branches in Spain too. I, like Stravinsky still have a UK account and have had it since I moved to the ME 27 years ago, works fine for me for any day to day transactions, and I've never had a problem regarding my non UK address.


IOM, Channel Islands and Gib gave very little external investor protection, remember Iceland. The Republic of Ireland's banks have 100% government backed guarantees for both individual and institutional cash deposit investments.

IMHO the best way to invest in Irish banks is to start up an International Bond with a UK life assurance company and use the bond as a wrapper for your cash deposits. Anglo Irish Bank are currently offering 4.98% gross, fixed for 13 months, 3.50% gross fixed for 3 years, for minimum deposits of £50K, these rates will reduce by circa 0.50% p/a to pay for the bond's charges.

Quite interestingly, you can withdraw 5.0% p/a of the initial capital for 20 years as it is deemed to be capital withdrawal. No Chargeable Event Certificate will be issued, so no tax is payable anywhere that has a reciprical agreement with the UK (Spain has). If you need to cash in your bond in say 10 years time they deduct the 5.0% withdrawals along with the balance of the initial investment and divide what's left by 10. You are then presented with a Chargeable Event Certificate that you should include in your tax return relative to the tax regime applicable to you in the year of encashment.


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## owdoggy (Jul 23, 2008)

crookesey said:


> IOM, Channel Islands and Gib gave very little external investor protection, remember Iceland. The Republic of Ireland's banks have 100% government backed guarantees for both individual and institutional cash deposit investments.
> 
> IMHO the best way to invest in Irish banks is to start up an International Bond with a UK life assurance company and use the bond as a wrapper for your cash deposits. Anglo Irish Bank are currently offering 4.98% gross, fixed for 13 months, 3.50% gross fixed for 3 years, for minimum deposits of £50K, these rates will reduce by circa 0.50% p/a to pay for the bond's charges.
> 
> Quite interestingly, you can withdraw 5.0% p/a of the initial capital for 20 years as it is deemed to be capital withdrawal. No Chargeable Event Certificate will be issued, so no tax is payable anywhere that has a reciprical agreement with the UK (Spain has). If you need to cash in your bond in say 10 years time they deduct the 5.0% withdrawals along with the balance of the initial investment and divide what's left by 10. You are then presented with a Chargeable Event Certificate that you should include in your tax return relative to the tax regime applicable to you in the year of encashment.


I was with you all the way up to "IOM"
Methinks it might be a good time to get me someone who understands these things


Doggy


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