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Rachel Tilley

Wondering What Bank Account To Go For?

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For those of you about to return home and needing to open up a new bank account then one of the best deals around at the moment is the

Santander 123 Account.

 

They offer 3% interest on the first £20,000 of your savings which is better than any ISA or savings account in the UK at the moment. Also, from April 2016 you don't pay tax on your interest earned up to £1000. The Santander 123 Account pays the interest monthly. It also gives you cash back of 1,2 or 3% on some of your direct debit costs for your council tax, phone bills, water rates, electric/gas bills.

 

To qualify for this account you have to pay in a minimum of £500 per month, have a minimum of two direct debits set up and there is a monthly fee of £5 - but that is easily offset against the interest earned if you have enough savings in there.

 

Thought I'd share this as I've been looking to change my bank account recently due to the one I've had for over 30 years not giving me anything! After lots of searching I found that this was the best available and have just switched to it.


Don't Let It Happen To You : What Every Mother Should Know Before Emigrating. Available on Amazon by Rachel Tilley.

http://www.amazon.co.uk/Dont-Let-Happen-You-Emigrating-ebook/dp/B00FV80PTM/ref=sr_1_1?s=digital-text&ie=UTF8&qid=1451572986&sr=1-1&keywords=rachel+tilley

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It is a great account Rachel, but many returnees won't be eligible. It's only available to people with a good credit rating, and anyone who's been away for more than six years has no credit rating at all.

Edited by Marisawright

Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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That's a bummer :sad:

 

I can't believe a bank would be willing to turn away a potential customer with £20,000 to deposit.

 

Customers are able to have two accounts with them, one being a joint account, so perhaps a returning resident could be a named account holder with a trusted family member in order to get on the credit rating ladder, especially if they have a family member who already has an account with them?! Not sure how that would stand, but if you're coming back to the UK with a large sum of money from the sale of a house then that's the best place to put it at the moment.

 

I didn't realise it was so hard to open a bank account as a British Citizen, thank God I kept mine going when I was away. I know my ex still has one here too with just a few pounds in it and he's been gone 12 years.


Don't Let It Happen To You : What Every Mother Should Know Before Emigrating. Available on Amazon by Rachel Tilley.

http://www.amazon.co.uk/Dont-Let-Happen-You-Emigrating-ebook/dp/B00FV80PTM/ref=sr_1_1?s=digital-text&ie=UTF8&qid=1451572986&sr=1-1&keywords=rachel+tilley

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Doesn't work having a joint account with a relative with credit rating unfortunately I had a joint account with my Mum for 7 years prior to coming back to the Uk in 2001 had no joy with credit though

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That's a bummer :sad:

 

I can't believe a bank would be willing to turn away a potential customer with £20,000 to deposit.

 

 

 

We had £30.000 to deposit - the answer was still no!


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Citizenship Timeline

Date applied - 15 November 2017

City/Council area - Cockburn, WA

Online / Paper - Online

Date received the acknowledgement email - 15 November 2017

Date of the Citizenship Test - 24 August 2018

Approval - 6 September 2018

Date of ceremony - 6 November 2018

Originally from UK

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We had £30.000 to deposit - the answer was still no!

We've got £40k to deposit - looks like a great account but we've been referred so keeping fingers crossed!

What I loved about Santander is that they have a branch in my local town (TSB closed theirs) and when we went in they gave us a card with the branch phone number and the name of someone who would be our local contact at the branch. I hope we pass muster. TSB Phonebank is very good, but it can't beat being able to chat to someone knowledgeable at your local branch.

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We've got £40k to deposit - looks like a great account but we've been referred so keeping fingers crossed!

What I loved about Santander is that they have a branch in my local town

 

We offered to deposit as much as they needed (and we could've deposited a lot more than your figure) - they said it was immaterial how much money we had, we weren't eligible. The credit rating is what matters and we have none. So keep all your fingers and toes crossed.


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Well it doesn't bode well - they haven't exactly rushed to get back to us. Banks don't seem to care about large deposits - looks like I might be stuck with TSB and my 0.5%. I did ask TSB what kind of risk they thought a credit card with a 1k limit would pose. But the woman just giggled and said it would never be possible.

 

I do wish interest rates could go up - would help savers and put a real break on people using spare cash to buy multiple homes and push house prices up. Of course now we have the situation that so many people would get stuffed if rates even rose a little, that it's politically untenable.

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I didn't realise it was so hard to open a bank account as a British Citizen, thank God I kept mine going when I was away. I know my ex still has one here too with just a few pounds in it and he's been gone 12 years.

 

I still keep mine going too, and credit cards...


Citizenship Timeline

Date applied - 15 November 2017

City/Council area - Cockburn, WA

Online / Paper - Online

Date received the acknowledgement email - 15 November 2017

Date of the Citizenship Test - 24 August 2018

Approval - 6 September 2018

Date of ceremony - 6 November 2018

Originally from UK

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We have gone to and fro a bit over the past few years and always keep our accounts open both sides of the pond - thankfully

My UK MasterCard has no annual fee so I will keep it open too ,I have had the same Aussie credit card for years

It's best never to slam the door on Oz because the door into the UK sometimes needs greasing as it sticks !

Dollar to puns very good today as our Centrelink pensions have just gone into our UK bank - well up on last month !

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That's a bummer :sad:

 

I can't believe a bank would be willing to turn away a potential customer with £20,000 to deposit.

 

Customers are able to have two accounts with them, one being a joint account, so perhaps a returning resident could be a named account holder with a trusted family member in order to get on the credit rating ladder, especially if they have a family member who already has an account with them?! Not sure how that would stand, but if you're coming back to the UK with a large sum of money from the sale of a house then that's the best place to put it at the moment.

 

I didn't realise it was so hard to open a bank account as a British Citizen, thank God I kept mine going when I was away. I know my ex still has one here too with just a few pounds in it and he's been gone 12 years.

 

I very much doubt they would turn away a potential customer with £20,000 to be honest.


Loving life in Gods Country. Woohoo, look at me. 

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I very much doubt they would turn away a potential customer with £20,000 to be honest.

 

Three banks turned us away and we had a lot more than £20,000. However as I said, they all offer a basic bank account with no credit card, no overdraft and no special features to anyone who can provide proof of a UK residential address.


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Just been declined for 123 account. Bummer. Reason was that we had dropped off electoral roll. Got a top notch credit rating in UK too! Horses for courses. Will just have to be patient.

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