/Featured Quiz4 October - Weekly Featured Quiz - General Knowledge

[haybilly]

This may be a dumb question but, here goes: Does anyone know if it is possible to open savings acounts with onshore UK banks when one is classed as non-resident?? Whilst I am sure that it is physically possible to do, I am 99% certain that one would be breaking the law since to open an account the first question asked is 'are you a citizen or a resident of the U.K.'

If, as I fear, the answer is negative, when referring to onshore, what are the options relating to offshore--do these offshore accounts offer reasonable interest rates? How does one do this, open the account that is, if one is not in a position to return to UK and, therefore, not in a position to respond satisfactorily to postal transactions? The postal components, signatures, cheques, forms filled, etc..can all be done by sending things back and forth from one's U.K. address, with help from UK residents but this is neither simple, safe nor satisfactory--any suggestions? Is this something that can be done to a greater/lesser degree online, so to speak?

Part of the interest in this subject is fuelled by my desire to 'be a good boy' and try to split my savings into something near to the recommended 35K max lumps in 'any one financial institution' as I keep hearing people suggest--any thoughts on this, too--if these are not too many questions for one topic?

[PattayaParent]

Best to open an offshore bank account as the interest rates are generally better than onshore and interst is paid gross with no deductions for tax.

All of the UK high street banks and building societies have offshore branches, just do a search in Google or whatever.

Most also have Intenet Banking options so no snail mail necessary,

[naka]

You need to be a resident (regardless of citizenship) ... Otherwise open offshore.

It really does not matter nowadays whether your account is in St. Helier, St. Albans or St. Andrews

since you can do everthing by phone, fax, letter, or internet.

Offshore accounts can be opened simply by sending the form/funds by mail/courier, just go to the websites.

Naka.

Edited March 13, 2008 by naka