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UK Savings Accounts


mrsblack
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We have discovered that some banks (UK) will not allow new savings accounts to be opened. They include ones we have been with for years. Does anyone know any mainstream UK bank or Building Society that will allow a French resident British citizen to open a savings account? Thanks.
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Twas ever thus and why, because they can is as good an answer as any, just as UK motor insurers will not cover non residents !

I suspect if you has quadzillions to deposit they might bend but for worthless punters like thee and me it's standard policy I'm afraid.

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We have had a NatWest current account for many years and were told when we moved to France a long time ago we would have to close our ISA accounts which we did. A couple of years ago I asked for a savings account to be opened (by phone) in mine and Mrs Jay's name. This was refused. I tried again online and managed to open an online savings account but it would only accept my name, not joint.

Just this week I used the chat facility on the NatWest website and asked if I could change the title to Mr & Mrs Jay. "No problem", they said ,"we will send the appropriate form in the post."

Why they should allow an online account and not a walk in branch account I do not know.

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[quote user="Jay"]

"No problem", they said ,"we will send the appropriate form in the post."

[/quote]

It will be interesting to know;

1. If you ever receive the form

2. The account is opened after you have filled it in

I suspect the help desk person was not fully 'aware' of your situation [Www]

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Thanks Mint. yes, we are in the process of trying to get the 65= bond after our first application was rejected after  a rejection of our first certified copies  -  an architect isn't sufficient. I am off to the notaire tomorrow to get a sheaf of documents certified and then we will make a new application. By post this time as the internet application didnt accept a French postcode and generated a lot of correspondence. The NSand I look like a longer term solution. Thanks again.
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Thanks Andy and Kong.The Halifax did suggest this route but I have never "gone" offshore before and I don't know about guarantees but at least it is another solution.

it has just occurred to me that what if current accounts are the same?  We need a UK bank for our UK pensions and I now am worried about them.

It is a great comfort to have you all out there as dealing with all the paperwork can be trying. I am beginning to think we stirred this up by telling them that we had moved to France , but we have always tried to keep within the regulations.

One of the problems seems to be that knowing how to deal with foreign residents is not within the scope of a lot of people that answer the phone, who are generally very helpful. It is two steps  forward , one step backwards. Thanks to you all for replying.

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Thanks Lehaut. We had asuggestion for Lloyds Offshore and that has prompted me as you suggest to look up these two . I suspect that the situation changes all the time.

Thanks Jay. We have been allowed to keep our Isas ,pay tax and make no additions, which is something.

Thanks again to all for your replies.

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[quote user="mrsblack"]

it has just occurred to me that what if current accounts are the same?  We need a UK bank for our UK pensions and I now am worried about them.

[/quote]

If you already have current accounts with a UK bank or BS, you should be able to continue to use them.

Once you have moved, however, it is NOT possible to open an account.

So, if you haven't moved yet, for goodness sake, open any accounts you might need in advance[;-)]

And you are right about off-shore accounts.  Get specific answers as to the amount "protected" (have to put that in quotes because I am cynical about guarantees of any sort as the guarantors always seem to find a way of wriggling out of them) and, if you have vast sums like, say, a MINT, you might have to spread the risks a bit by having several accounts[:P][+o(]

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Mint is correct, if you have UK accounts, don't close then.  Generally, it is not possible as non-UK resident to take out savings accounts, or open new accounts.

As it happens, I  managed it, but they'd made such a c**k up  of my old access account, and I tempted them by saying that I'd be interested in transferring the account to France - eventually.  I never did.  It was also possible that I'd have enough from savings (relations popping their clogs, you know) that it was worth their while to keep me.  I already had an account with another "independent" part of the same stable, which might have helped.  I now have rather more UK bank accounts than I really need, but close them - no, not whilst I'm not UK-resident !!

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Thanks Mint. We are now here permanently and I am relieved by your comments. I will definitely not close any account ,even if it is paying a measly percentage.

One thing has struck me is that there is a lot of attention paid pre - moving to buildings and renovations and not enough to the financial side. If anyone asks me for that one crucial piece of advice  - it will be your,s open accounts in advance  not close them "to simplify things".

 

I will be wary of off-shore. Call me cautious, but I will always remember the shots on the news of people queueing outside Northern Rock.

Thanks again, Mint

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Thanks Judith. I now know what keeps one busy during the winter months - it is keeping up with the paperwork. I think your comment is useful in that talking , hopefully to the best person can be useful. On my fourth phonecall to one bank I learned to say "what do you think I should do". the answer was offshore , but every little bit of advice and gleanings from someone else's past experience helps to unfog the view and to see a clearer way ahead.
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Guernsey, Jersey and the Isle of Man all have deposit protection up to £50000 per deposit per bank. In fact this amount may have been increased.

Northern Rock Guernsey was NOT a bank, but a deposit taking institution which was closed at the demand of Europe, not Northern Rock. All depositors were repaid with a decent bonus for their pains.

The Coop Bank in Jersey was closed down by head office and again, deposits were rapaid in a proper and orderly manner.

Have you tried the Conister Bank in the Isle of Man? They have been around a good few years and are fully covered as far as I can see, but DYOR. Definitely not Mickey Mouse.
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[quote user="mrsblack"]

One thing has struck me is that there is a lot of attention paid pre - moving to buildings and renovations and not enough to the financial side. If anyone asks me for that one crucial piece of advice  - it will be your,s open accounts in advance  not close them "to simplify things".

 

[/quote]

Crucially, have you also noticed that nobody talks about access to the French health service and also the glossing over of being able to get a job or set up a business in France (the latter for people of working age)?

All TV programmes along the lines of moving to a place in the sun should carry very prominent health warnings!

BTW, Mrs B, when the National Savings people asked you for verified documents, did they specify who would be acceptable as signatory?

There was a recent thread here about the people who are acceptable to the Pension Service to sign your proof of being alive forms.  That list has been expanded to include rather many more categories of people than in the past.

Would you mind saying who you are asking to verify your documents for you, please? I am preparing for the eventuality of being asked the same thing.

You'd think though that, once you are in receipt of a UK State Pension, your records would be on some state computer system for when you want to buy a state savings product for PENSIONERS?

OTOH, that would make it too easy for the pensioners and also there would need to be thousands of public services job cuts...........ggggrrrrrr[:'(]

)

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[quote user="CSV"][quote user="Jay"]

"No problem", they said ,"we will send the appropriate form in the post."

[/quote]

It will be interesting to know;

1. If you ever receive the form

2. The account is opened after you have filled it in

I suspect the help desk person was not fully 'aware' of your situation [Www]

[/quote]

Forms received in the post today. They seem appropriate to our situation and have sections for address in countries other than the UK. I shall let you know the result. The person I spoke to seemed well aware of our situation and well versed in the banking rules etc.

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