DISCUSSIONS

Find the answers to many of your expat questions here

View Latest Posts

You're missing out...

As a member you can enjoy exclusive info and offers.

REGISTER NOW

UK Savings for Expats

Posted by jills-410170 - Created: 4 years ago
0 0
Sorry no image available

9 replies (Showing replies: 1 to 9)

Sorry no image available
Posted by Breeze-906262 - 4 years ago

I have just checked with Nationwide International.  Interest is paid gross but you have to provide proof of where you are taxed with appropriate reference numbers.  They do notify the appropriate tax office of what interest you have earnt.  This could be very useful.  For French bank account interest the French tax office puts the correct figure on your tax form before they send it to you. It would be great if they did this with all accounts - it would certainly save me scratching my head about where to put the figures.  Not having to complete the form to claim back from the UK tax office the tax paid on interest earnt in the UK would be wonderful as well.

Sorry no image available
Posted by one4all-436374 - 4 years ago

Some banks accept a "No Tax" status for interest payments on receipt of proof from HMRC - Nationwide is not one of them, in fact although they offer many banking facilities they are NOT officially a bank, remaining a Building Society.

Sorry no image available
Posted by jills-410170 - 4 years ago

I was told yesterday on the phone that interest on these accounts (through Nationwide International) IS paid gross and then presumably you will have to declare for tax in the UK/France afterwards.

Sorry no image available
Posted by one4all-436374 - 4 years ago

Whilst living in France I kept my Nationwide account as I had a pension paid in monthly and then transfered money to a ForEx company for onward transfer to my French bank.  My home address with Nationwide was always that in France and I opened/changed several savings accounts without problem. Yes, getting interest paid after tax deductions was a pain as I paid tax in France, so I used to claim from HMRC every two years to make it more worthwhile for me.

Worth noting you can still by NS&I Premium Bonds whilst living in France.

Sorry no image available
Posted by PPW-404516 - 4 years ago

Nationwide International, like other international branches of leading UK banks, is registered in the Isle of Man and not the UK. This of course means that they do not enjoy the full guarantee offered by UK-based banks. Your savings are guaranteed only by a small island in the Irish Sea. All right for small amounts, but a risk for large investments perhaps.

Sorry no image available
Posted by jills-410170 - 4 years ago

Yes. A plus for them.

Sorry no image available
Posted by lakeman-415065 - 4 years ago

Two bones of contention for me;  One that you cannot open or upgrade a UK  account if living outside the UK and Nationwide Building Society insist on taxing interest befor e payment when I have no tax liability in UK and have to declare it and pay tax on it in France;  I know that you can reclaim it but as in my case the amounyts are small it is hardly worth it.  After all we live legally within the EU where we can choose to pay income tax to either UK or France so I question the legality, let alone the ethics, of this practice.

Fortunately Nationwide International, part of the Nationwide group, pay interest gross and leave it to you to pay as necessary.

Sorry no image available
Posted by jills-410170 - 4 years ago

That's really good to know (wish I knew before wasting many hours in the last few days). Some banks (nameless) entice you with their websites only to let you down later with the news that you are 'persona non grata'. And international offshore accounts want you to invest megabucks at the outset. Thanks for your endorsement.

Sorry no image available
Posted by lakeman-415065 - 4 years ago

They are OK.  Have been withthem for about three years.  The Daily Telegraph rates them highly for expat savers.