Dolly Posted July 2, 2014 Share Posted July 2, 2014 We're about to emigrate soon, and want to switch to a UK current account that pays interest, for our pensions to be paid into. We're struggling to find one that is open to non UK residents. Be grateful for any help please Link to comment Share on other sites More sharing options...
Guest Posted July 2, 2014 Share Posted July 2, 2014 Nationwide should be able to help. We have an interest paying current account which we maintained in Australia registered to our Australian address. Link to comment Share on other sites More sharing options...
Londongal76 Posted July 2, 2014 Share Posted July 2, 2014 you'll be lucky to get barely any interest with the rates at 0.5%. Link to comment Share on other sites More sharing options...
Dolly Posted July 2, 2014 Author Share Posted July 2, 2014 Thank you. I'll take a look at Nationwide Link to comment Share on other sites More sharing options...
peterc1983 Posted July 2, 2014 Share Posted July 2, 2014 you'll be lucky to get barely any interest with the rates at 0.5%. As Londongal76 say. Interest rates are so so low, that unless it's a specialist deposit account - or a massive amount of cash - it's almost not even worthwhile. If you opened a fixed term deposit, or if you can, utilise the new NISA? That might be better. Not sure about your circumstances though. I suppose something is better than nothing, in the end. Link to comment Share on other sites More sharing options...
Dolly Posted July 2, 2014 Author Share Posted July 2, 2014 Some UK current accounts are offering 5%.. but you have to be a UK citizen. I was hoping to find one where you didn't have to be. We do plan to spread our savings too, but didn't want the current account not to earn anything.. Thanks Link to comment Share on other sites More sharing options...
peterc1983 Posted July 2, 2014 Share Posted July 2, 2014 Some UK current accounts are offering 5%.. but you have to be a UK citizen. I was hoping to find one where you didn't have to be. We do plan to spread our savings too, but didn't want the current account not to earn anything.. Thanks The Nationwide accounts (I think) you're referring to have a maximum balance of ~£2500 on the interest generating feature. But I agree .. something is better than nothing, and if you're splitting the savings this cap might not be so bad. Link to comment Share on other sites More sharing options...
Skippy1 Posted July 2, 2014 Share Posted July 2, 2014 Why dont you Use Currency Fair to transfer your pension as soon as you get it and stick it in an interest bearing deposit account in Australia. With Ubank you can get 4% and more with bonus. Might make more than you can ever do in the UK. Link to comment Share on other sites More sharing options...
Parley Posted July 2, 2014 Share Posted July 2, 2014 There is no issue in getting your UK pensions paid into an Australian bank account which may be a more convenient approach for you. My Mum gets her UK pension paid straight into her Commonwealth Bank account. Link to comment Share on other sites More sharing options...
Keith and Linda Posted July 2, 2014 Share Posted July 2, 2014 Though we live in Australia we kept our UK bank account open, comes in handy when buying presents (internet shopping), or transferring money to other UK accounts for birthdays and the like, and now that my wife receives her UK pension we have it paid into this account, we then have our spending money for holidays back home. We really get zero interest on the money but we reckon that transfer fees and exchange rates would end up costing us more so we are quite happy to leave as is. We did put a lump sum in a term deposit but the interest was taxed at source so was less than 1% better than nothing but not a concern either way. Link to comment Share on other sites More sharing options...
le petit roi Posted July 3, 2014 Share Posted July 3, 2014 Though we live in Australia we kept our UK bank account open, comes in handy when buying presents (internet shopping), or transferring money to other UK accounts for birthdays and the like, and now that my wife receives her UK pension we have it paid into this account, we then have our spending money for holidays back home.We really get zero interest on the money but we reckon that transfer fees and exchange rates would end up costing us more so we are quite happy to leave as is. We did put a lump sum in a term deposit but the interest was taxed at source so was less than 1% better than nothing but not a concern either way. As an aussie taxpayer and UK non-resident, cant you claim the UK tax back? Otherwise you're being taxed twice on the same money. However, since the Uk rates are so low, interest is going to be minimal on all but very large sums and may be more hassle than its worth. Link to comment Share on other sites More sharing options...
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