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    Overseas bank accounts

    Just a curiosity here.

    It seems to be the case that the British economy is broken. I've read that someone likened it to a massive Ponzi scam, and from what I understand o the British banking system, that seems about right. These sorts of things have obliterated countries in the past (I can't remember where it was, but some country's economy completely crumbled after the main income for most people became pyramid schemes), so I don't hold a great deal of faith in my country's future.

    As it is, I've got, ahem, two or three (or possibly more, I am forgetful...) ISA accounts withsomething over £10,000 in them, earning something in the order of 6% interest. With the pound dropping as quickly as it is, would it make any sense to open an an overseas account in a country like Germany or the States, and save my money there?

    Cheers

    6 Comments

    Unless you are resident in a country or own property there, it would be virtually impossible to open an account there.

    Also, unless your ISA's are fixed interest, they will not be making anything like 6% now.

    Banned

    Inactive;4187637

    Also, unless your ISA's are fixed interest, they will not be making … Also, unless your ISA's are fixed interest, they will not be making anything like 6% now.



    I've got a fixed rate bond ISA of 6% for one year. Wish i had got 2yrs now.

    To the op you will need to declare the account to the inland revenue so you pay tax on the money. Also most accounts abroad you pay a monthly fee.

    You can open a bank account in any country you like, I did it.....just go in with your passport and open one, they even send the statements to the u.k..........their interest rates are generally worse than ours, when we had 7% interest they had less than 5% and you will get charges, EU countries particularly don't do free banking and have heavy penalties for withdrawing funds from savings accounts with less than 30 days notice.

    wendyak;4188078

    You can open a bank account in any country you like, I did it.....just … You can open a bank account in any country you like, I did it.....just go in with your passport and open one, they even send the statements to the u.k..........their interest rates are generally worse than ours, when we had 7% interest they had less than 5% and you will get charges, EU countries particularly don't do free banking and have heavy penalties for withdrawing funds from savings accounts with less than 30 days notice.



    Yes. You can open an account in any EU country quite easily. I have 2 Dutch accounts, 1 Swedish, and 1 Spanish after working there...If I were you, I would cash them all in, and buy gold. Shop around for the best prices. Also, get yourself a half decent safe and keep it at home :thumbsup:

    If you close an account , how long do the records stay accessable. i.e to the inland revenue?.

    There are some acc in Turkey paying 15% (I'm told by a guy at work who has family out there)...
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