Best UK bank accounts for expats?

[Patronus]

Amazing how some people still manage to turn the most innocuous threads into a pissing contest !

The only really amazing thing is how some people post only to criticise others. They just have no sensible contribution to make, I suppose.

Post 25 is a "sensible contribution" ?

You are indeed deluded.

[Patronus]

This worries me. I have had an account with HSBC for 30 years without any problems.I live in Thailand and have my UK pensions paid into it which I withdraw from ATM machines. At present I have about 8k GBP in the account. Does this mean HSBC can close down my account at any time and leave me stranded?

Any bank can close any account at any time.

However, they would have no reason whatsoever to close yours, indeed it sounds like the sort of account they would actively court.

There will be other reasons why the OP suffered his fate.

Happened to me with a Guernsey account - Co-op bank strategically decided to withdraw operations from there. Left me high and dry, HSBC would not do the same with you.

[KittenKong]

If you think £85k is a large deposit you are truly deluded

Really? This figure represents about 40% of the net worth of the average UK family (including property, savings, pension pots etc), so that would seem to make it quite large. It is also the largest amount that can be expected to be covered by the UK deposit protection scheme and not be subject to a haircut in the event of a bank collapse a la Cyprus. So there again that would seem to make it quite large. Either way I think that it is a sufficiently large figure as to make bank staff pay a bit of extra attention.

When making my deposits I thought it prudent not to exceed the 85K deposit protection limit for any one institution. As it happens the number of banks I found offering decent rates and accepting non-resident customers was equal to the number of deposits that I wanted to make, so that all worked out well.

[KittenKong]

Amazing how some people still manage to turn the most innocuous threads into a pissing contest !

The only really amazing thing is how some people post only to criticise others. They just have no sensible contribution to make, I suppose.

Post 25 is a "sensible contribution" ?

You are indeed deluded.

That post is indeed most sensible. Entirely on-topic and factual, in direct response to the comment made and a possible explanation as to why that poster had trouble with that particular bank when I did not.

Your post, again, contains only criticism. But what else is new?

[meatboy]

If you think £85k is a large deposit you are truly deluded

Really? This figure represents about 40% of the net worth of the average UK family (including property, savings, pension pots etc), so that would seem to make it quite large. It is also the largest amount that can be expected to be covered by the UK deposit protection scheme and not be subject to a haircut in the event of a bank collapse a la Cyprus. So there again that would seem to make it quite large. Either way I think that it is a sufficiently large figure as to make bank staff pay a bit of extra attention.

When making my deposits I thought it prudent not to exceed the 85K deposit protection limit for any one institution. As it happens the number of banks I found offering decent rates and accepting non-resident customers was equal to the number of deposits that I wanted to make, so that all worked out well.

would you like to elaborate what uk.banks offering the best rates and eccepted non-residents.dont be shy they are all available for anyone to view[this is money] sunday mail.no porkies mind for i have just found last years top rates for savers in the uk.

4 banks in total.i will reveal all after you sir. just a clue[bash]

[super22k]

Thank you Patronus. You have put my,and probably many more ex-pats,minds at rest about banks closing down accounts. But I will still keep a close watch on the banking situation because ex-pats are such easy-meat.

[KittenKong]

would you like to elaborate what uk.banks offering the best rates and eccepted non-residents.dont be shy they are all available for anyone to view[this is money] sunday mail.no porkies mind for i have just found last years top rates for savers in the uk.

4 banks in total.i will reveal all after you sir. just a clue[bash]

I already mentioned one. You had trouble dealing with them whereas I did not. Another one to look at would be BLME but personally I didnt fancy them. There are two others of the same type that I didnt fancy either. If you want more you can easily research them as I did. All the banks that I opened my accounts with still accept non-resident depositors today.

For some unknown reason the "best buy" tables dont always include the real "best buys". For example the Indian bank mentioned rarely figures in most "best buy" tables yet they are a proper UK bank with a proper UK licence and proper UK deposit protection cover, which to my mind puts them several steps above the likes of Laiki Bank or some other banks from tin-pot EU countries that trade under the passport protection scheme. (Anyone remember Iceland?) They are still offering above-average rates even though nearly all rates have dropped by about 2% since the time I opened my accounts. Rates have just recently started to creep up again.

[MMarlow]

Trying to open one as a "non-resident" is nigh on impossible,

Not so. Several onshore UK banks will accept non-resident customers, and of course all the offshore branches will. UK offshore banks are usually part of the BACS system and so allow for sending/receiving money via BACS etc. so there is little practical difference in that respect.

Would you like to give me evidence of ANY bank that will open an account for a non-resident living in Thailand.

Please supply the exact procedures required to successfully accomplish this task from my home in Thailand.

I agree about the BACS system etc for offshore banks, I will need to research their procedures.

Barclays will. I applied for a GBP Intl account with them online and was allocated an account in their Knightsbridge branch three months ago. They needed a notarised passport copy, recent statement from an active bank account and confirmation of address in Thailand. My Bangkok Bank statement has my address in English and that was good enough for them. Debit card and PIN where sent to me by ordinary post with no problems.

My account was opened without any funds being deposited although I did have to tell them that I was expecting funds in the UK and wanted the account to be opened to receive those funds.

[socrates28]

If you think £85k is a large deposit you are truly deluded

Really? This figure represents about 40% of the net worth of the average UK family (including property, savings, pension pots etc), so that would seem to make it quite large. It is also the largest amount that can be expected to be covered by the UK deposit protection scheme and not be subject to a haircut in the event of a bank collapse a la Cyprus. So there again that would seem to make it quite large. Either way I think that it is a sufficiently large figure as to make bank staff pay a bit of extra attention.

When making my deposits I thought it prudent not to exceed the 85K deposit protection limit for any one institution. As it happens the number of banks I found offering decent rates and accepting non-resident customers was equal to the number of deposits that I wanted to make, so that all worked out well.

Sorry but you are not coming across as having any credibility whatsoever

Bank staff do not sit up and pay attention when someone wants to deposit £85k - they have rules and regulations and are governed by these - someone walks in with a few hundred thousand they may refer it to a manager

You mentioned four banks - and so far have named Punjabi Bank - which according to their website and another BM they will only open in the UK if you are resident

Then you come up with BLME but you do not fancy them and 2 others of the same type that you did not fancy - then HSBC who the OP has already said are CLOSING his account

So I am asking you a simple question - and it has been asked on a few occasions now - its not like there are secret banks in the UK

Who are the other 2 or 3 banks that open Current Accounts for non-residents?

[socrates28]

Trying to open one as a "non-resident" is nigh on impossible,

Not so. Several onshore UK banks will accept non-resident customers, and of course all the offshore branches will. UK offshore banks are usually part of the BACS system and so allow for sending/receiving money via BACS etc. so there is little practical difference in that respect.

Would you like to give me evidence of ANY bank that will open an account for a non-resident living in Thailand.

Please supply the exact procedures required to successfully accomplish this task from my home in Thailand.

I agree about the BACS system etc for offshore banks, I will need to research their procedures.

Barclays will. I applied for a GBP Intl account with them online and was allocated an account in their Knightsbridge branch three months ago. They needed a notarised passport copy, recent statement from an active bank account and confirmation of address in Thailand. My Bangkok Bank statement has my address in English and that was good enough for them. Debit card and PIN where sent to me by ordinary post with no problems.

My account was opened without any funds being deposited although I did have to tell them that I was expecting funds in the UK and wanted the account to be opened to receive those funds.

Which I can confirm is the case as I know several people in Cyprus (British Citizens) who opened similar accounts after the banks in Cyprus closed - in order to receive their pensions

[MMarlow]

I hope you found my previous post useful, Patronus.

[KittenKong]

Sorry but you are not coming across as having any credibility whatsoever

And I'm supposed to care whether you believe me or not? Now there is some real delusion.

"Bank staff do not sit up and pay attention when someone wants to deposit £85k - they have rules and regulations and are governed by these - someone walks in with a few hundred thousand they may refer it to a manager"

You are welcome to your opinion. My experience tells me otherwise, hence my suggestion. Perhaps you can suggest another reason why I found it easy to open an account with that bank yet another poster could not? I'd love to know.

"You mentioned four banks - and so far have named Punjabi Bank - which according to their website and another BM they will only open in the UK if you are resident"

If you bother to read the link that I posted to their website you will see that it clearly specifies the procedure for opening non-resident accounts. That was why I posted it.

"Then you come up with BLME but you do not fancy them and 2 others of the same type that you did not fancy -"

I never realised that my opinion carried so much weight. The fact that I dont fancy a bank has no bearing on what it will or will not do, and BLME will accept non-resident depositors whether I fancy them or not.

"... then HSBC ....."

I dont know where you dreamed that up as I have not mentioned HSBC at all, at any time.

[yoshiwara]

Which I can confirm is the case as I know several people in Cyprus (British Citizens) who opened similar accounts after the banks in Cyprus closed - in order to receive their pensions

Cyprus is a part of the EU and there will be reciprocal arrangements with the UK. Don't know if special arrangements made to facilitate UK citizens as a result of the Cyprus blow-up.