Deposit savings while abroad

[settlement]

Hi,

If I open a deposit account, eg fixed term savings for a year, and I then leave the country, am I still legally entitled to collect the interest when I come back in the year, or must I be resident?

 

[Branz]

no residency requirement to earn interest.
the residency issue revolves around tax on the interest.

 

[Lightning]

If I open a deposit account, eg fixed term savings for a year, and I then leave the country, am I still legally entitled to collect the interest when I come back in the year, or must I be resident?

Depends. Some banks allow non residents to hold accounts. Some banks don't allow non residents to hold accounts. Some banks move your money into a zero interest account if they find out that you are non resident.

Talk to the bank about their non resident rules.

 

[settlement]

Thanks for responses