The pound is going through a period of wallowing at an all time low in the face of major currencies around the world, and so for expatriate Britons, going to live and work abroad can be an escape not only from the gloom of the Great British winter, but an escape from the weakened pound as well.
However, where can UK expat’s save their hard earned cash – after all, keeping it onshore in the UK is not going to ensure a good interest rate on any invested cash is it? The best rates kicking about at the moment are in the region of 3 – 4% at an absolute maximum, with most barely offering much more than the base rate.
UK expat savings accounts held offshore on the other hand can attract an altogether better deal potentially – you just need to know where to look to find the best deals! In this report we’re going to guide you towards finding the best home for your cash savings whilst you’re living abroad.
Depending on where in the world you herald from, where you’re now living abroad, where you earn your income, the currency you earn it in and whether you want to make a one off lump sum investment or commit to a monthly savings account…there are many options when it comes to expat savings accounts that could be beneficial to you. In other words, there are so many accounts available – and just as you and your requirements are unique, so your choice of the best account will be an entirely individual one.
If you’re a Briton living and working abroad in Europe, you need to be aware of the EU Savings Tax Directive and what impact this will have on either where you save and invest or how you save and invest. For example, straight savings income in Europe will flag your details up to the bank where the money is saved and they will be obliged to either withhold tax on that money or report your details to the tax authority where you’re living. You have no say in the matter otherwise. However, there are specific ways you can arrange your affairs so that your privacy and confidentiality is assured.
If you’re a Briton and you’re retired abroad, perhaps you want to earn an income from your savings – therefore, again, the choice of account type will be dictated by this requirement. So, where do you start looking for the right account? Well, did you know that it is not simply good enough to go on the Internet and search through various banks’ offerings? Why? Because these banks offer the best rates of interest to advisers to pass on to their clients!
As an individual saver or investor you can spend your life trawling the Internet, sending off for literature from one finance house or one bank after another – and at best all you will be is confused. If you really want the best expat savings accounts as a British saver you need to find yourself a decent independent expatriate financial adviser who has very strong business ties with leading banks and investment institutions. These are the people that can get you access to the best savings rates. They are given preferential rates and deals to pass on to their customers because they put so much business through multiple banks and institutions that those in charge want them to be well looked after and want their clients to be kept happy so that they keep coming back with new business.
For the rest of us on the outside it seems unfair – but when you’re on the inside you’ll see that it doesn’t limit your choice, in fact, it’s never a case of one bank offering better than the rest, they will all up their game if needs be to get your business through their preferred IFAs. If you would like to know whether there is an IFA in your location who can assist you in getting the most preferential expat savings account, complete our offshore advice form for a money makeover from expert financial advisers who will be able to tell you what they can offer you over and above what you can find for yourself. Then you can judge who’s offering the best rates at the moment and decide how best for you to proceed.
