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Some UK Savings Rates at 04/09/2023.
- Thread starter WizardDr
- Start date
Thanks Wizard. Can irish residents access these products?
I opened a current account with HSBC earlier this year. I had assumed that I would then be allowed to open online savings accounts. When I attempted to open them I was refused due to not being a UK resident.
I also have an account with AIB NI. The regular saving account is allowed to continue to run but I cannot open any new accounts due to not being UK resident.
I also have an account with AIB NI. The regular saving account is allowed to continue to run but I cannot open any new accounts due to not being UK resident.
irishfinanceguy
Registered User
- Messages
- 159
There was a previous thread regarding uk sterling rates for irish resident. Seems only lightyear is available at a okay rate.
I posted the rates to highlight what proper competition does in a market compared to the dysfunctional car crash that is our market and even now the FCA in UK is still accusing banks of not acting in their customers best interests and is using that as leverage. Some of you may like to read the Consumer Protection Code which is apparently a statutory code. It is my view that the CBI don't need any further powers but should just pressure Banks per their own CPC. Delighted if others would review and see what they think.
As S Class pointed out there can be conditions making it impossible for Irish residents to open - cannot use the single market argument now - but here is the magic source of UK rates and who they are.
moneyfactscompare.co.uk
As S Class pointed out there can be conditions making it impossible for Irish residents to open - cannot use the single market argument now - but here is the magic source of UK rates and who they are.
Compare The Best Savings Accounts UK | Rates from 7.00%
Compare the very Best UK Savings Rates across Easy Access Accounts, Fixed Rate Bonds, ISAs and more. Free to compare the best rates today.
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Which specific section of the CPC are you suggesting they can leverage here? And why does it allow them to put pressure on Banks to increase deposit rates, but wasn't relevant to decreasing mortgage rates in the past?
No, it’s usually a residency test
Just my twopence worth
It’s madness to be holding cash savings in foreign currencies.
Sterling has lost over 1%pa vs USD since 1955. It’s a basket case and I was born there!
Low risk cash and bonds should always be hedged to Euro.
The only exception I’d consider recommending is ONE diversified bond fund in the U.K. which is treated under general tax principles for an Irish investor (so income tax rather than exit tax)
If you’re a non-taxpayer we can currently get about 7%pa gross. It’s fine to mix that with some Irish Government Bonds to boost the yield as you’d need to be earning over 11.5%pa from an equivalent Irish bond fund to match it.
It’s madness to be holding cash savings in foreign currencies.
Sterling has lost over 1%pa vs USD since 1955. It’s a basket case and I was born there!
Low risk cash and bonds should always be hedged to Euro.
The only exception I’d consider recommending is ONE diversified bond fund in the U.K. which is treated under general tax principles for an Irish investor (so income tax rather than exit tax)
If you’re a non-taxpayer we can currently get about 7%pa gross. It’s fine to mix that with some Irish Government Bonds to boost the yield as you’d need to be earning over 11.5%pa from an equivalent Irish bond fund to match it.
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I would start with:
A regulated entity must ensure that in all its dealings with customers and within the
context of its authorisation it:
2.1 acts honestly, fairly and professionally in the best interests of its customers and
the integrity of the market;
2.2 acts with due skill, care and diligence in the best interests of its customers;
2.3 does not recklessly, negligently or deliberately mislead a customer as to the
real or perceived advantages or disadvantages of any product or service;
2.4 has and employs effectively the resources, policies and procedures, systems
and control checks, including compliance checks, and staff training that are
necessary for compliance with this Code;
2.5 seeks from its customers information relevant to the product or service
requested;
It is not a huge leap to suggest that Banks may be under a duty to inform customers that they themselves have better rates and that are easy ways to switch or transfer funds.
Best interests of customers cannot mean low deposit rates and high mortgage rates.
Duty of care was not specifically stated but 2.1 and 2.2 are very strong. All CBI have to do is ask 'show me how you comply with 2.1 and 2.2 with regard to savings rates..'.
A regulated entity must ensure that in all its dealings with customers and within the
context of its authorisation it:
2.1 acts honestly, fairly and professionally in the best interests of its customers and
the integrity of the market;
2.2 acts with due skill, care and diligence in the best interests of its customers;
2.3 does not recklessly, negligently or deliberately mislead a customer as to the
real or perceived advantages or disadvantages of any product or service;
2.4 has and employs effectively the resources, policies and procedures, systems
and control checks, including compliance checks, and staff training that are
necessary for compliance with this Code;
2.5 seeks from its customers information relevant to the product or service
requested;
It is not a huge leap to suggest that Banks may be under a duty to inform customers that they themselves have better rates and that are easy ways to switch or transfer funds.
Best interests of customers cannot mean low deposit rates and high mortgage rates.
Duty of care was not specifically stated but 2.1 and 2.2 are very strong. All CBI have to do is ask 'show me how you comply with 2.1 and 2.2 with regard to savings rates..'.
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Noted. Although I’d hardly describe the U.K. as a “functioning market” unless the market in question is the black market
Is that City of London Investment Trust?
City of London Investment Trust - Wikipedia
A non-Euro non-EU market.
Apples vs oranges.
No. Bonds not equitiesIs that City of London Investment Trust?
City of London Investment Trust - Wikipedia
en.wikipedia.org
My understanding is once you've got a UK bank account to make / receive GBP payment, you can open NS&I savings, which are appearing in the fixed bonds in tables above.