My daughter lives in Eire (Ireland) with her husband and daughter. Can she still have a UK bank account with an overseas address? She has been left money by her grandmother and doesn’t want to transfer it into euros in the current economic climate.
Unfortunately, without a UK address, your daughter will struggle to open a savings account in the UK, as the majority of providers stipulate that you must be a UK resident to be eligible to open one of their accounts.
As she is concerned about transferring from Sterling into euros, she could check with her bank in Ireland, as it may allow her to open a Sterling account, but she needs to make sure that the bank is set up to accept and retain Sterling.
If there is nothing of interest in Ireland, she could also consider an offshore account with one of the providers in the Channel Islands, the Isle of Man, or Gibraltar.
A number of well-known UK providers also have an offshore arm – for example, Lloyds Bank International Limited, NatWest International, Santander International, and Skipton International among others.
But your daughter should be aware that money held in offshore fi nancial institutions, is NOT covered by the UK’s Financial Services Compensation Scheme (FSCS), so her cash may not have the same standard of protection it would get if she were to save with a bank or building society based in the UK. Instead, there should be an equivalent scheme, but the amount will depend on where the funds are held. For example, the Guernsey Banking Deposit Compensation Scheme offers protection for ‘qualifying deposits’ of up to £50,000, subject to limitations.
Anna Bowes is a founder and director at Savings Champion