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UK savings


mint

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Where best to put them for us French residents?

Is there only NSI?

I have found a useful (but not big) sum of money languishing in a bank in the UK and I would like to put it somewhere where it will earn a little something.

Don't want anything complicated, don't need ready access to it and don't want to have high risk in order to earn that little bit more.

Don't want to convert to euros as I have enough euros to be getting on with at the present time.

Any suggestions? 

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ET and Pat:  I am "hedging" my bets.

We still have an embarrassingly large amount of euros left from selling our previous French house and we have kept all those euros to spend in France.

So I have not spent any of my UK income (not huge amounts but very useful sums) for the last 4 or 5 years.

Can't foresee the future and therefore can't say definitively that we would be based in France forever.

OK, have to pay French tax but that is "normal", isn't it as we live in France?[8-)]

Not going to buy premium bonds as I am not a lucky person in terms of winning anything.  Do have a couple of NSI bonds taken out when they offered us those 65+ bonds at the time of the last but one Conservative election as sweeteners before that election.

Now, once again, find I would like spread the risk a little.  Might take out one of those off-shore bank accounts designed for ex-pat Brits.

Sue56, if you are reading, what did you think of those?  I think you had mentioned them in the past on the forum?

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Mint wrote : Sue56, if you are reading, what did you think of those? I think you had mentioned them in the past on the forum?

We had some savings from our UK house sale in such accounts before we bought our present house here in 56 and they served us well. But the world has moved on since then and my knowledge of them is not current so I would not like to comment on today's offerings .. sorry.
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"OK, have to pay French tax but that is "normal", isn't it as we live in France?]"

Well yes of course, and I take your point about hedging your bets. My point was simply that you could take advantage of tax-free savings schemes in France but not the UK. My bad - when you said NSI I automatically thought you meant Premium bonds.
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Mint, when I finally got the money from my father after his death 2 years ago (almost 93, just dropped dead, so can't complain!), earlier this year, not needing it here in France, I have opened an assurance vie in Luxembourg, but kept the money in sterling, hence no exchange rate problems, but French tax "sheltered". I am not the best lover of AV's but there is very little other option here in France.  I might add that I had done a good troll of available options in the UK available to us resident in French, and apart from some taking some fixed term e-savings out with banks I have accounts with, at a "slightly" improved interest rate, but nothing to shout home about, I could find nothing open to non-residents.

Hope that helps.

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Thank you for all your further comments.

As I suspected, there isn't a lot of choice out there.  Interest rates are so low as to be hardly worth the effort of shifting money.

Still, I feel it was worth a question on the forum and now we all know the answer as to what to do with our UK savings don't we?[:-))]

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If you are not risk averse with 'p2p business lending' and have a UK bank account which you are able to prove ownership of and you are prepared to absorb, financially and mentally, what can be likened to a kick in the groin, then it may be worth your while to check out ArchOver. The rewards far outweigh the failures.

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Interesting, cajal, but not for me at the present time as I am simplifying my life.  Too muddle-headed and not wanting to make decisions that take time and effort.

I think my brain wants a sabbatical[:D]

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So too agree, Mint, currently feeling my age as I seem to have some sort of bug, or heat exhaustion ... it was hot and humid here yesterday, and I walked to the garage to pick up my "new" car ... had a fainting turn and had to be driven home it in, rather than drive it home, felt so foolish!

A bit better today, I hope, and it is cooler too.

Yes, when you see the interest rates on offer these days, once can perfectly understand the "spending the kids inheritance" appeal, even when you don't have kids!

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Thanks, Mint, yes indeed, happily I do now feel a little better, taking small amounts of food, lots of water, stop to slurp again now reminded!, and also taken the car for a short trip just to be sure I was happy to drive it to church tomorrow (we are having a special coronation service, our organist is the choirboy who sang a solo, unintended when the others didn't come it, he says, at the coronation, and he just happens to be a bl***y good organist too, so it should be good and I wouldn't want to miss that).

Just finally washed my hair and had a shower, all of which I intended to do yesterday, so I think I am now on the mend, as long as I take it carefully.  But now I have that cough which everyone seems to be getting with the increased allergies around, and I have never been someone affected before.  Grrr!

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