Non-resident accounts

I'm a UK resident looking for a Euro savings account. UK banks are quite useless at savings accounts in Euro - only a few do them, and the rates are pitiful (best I can manage is 0.5%). I know about the IoM/Guernsey/Jersey crowd, but the best rates are still about 1.xx% (and there are questions of stability in case anything goes wrong).

I know some Irish banks do savings accounts available to non-residents - does anyone know which?

A few I rang up (eg Ulsterbank) said I'd need to have a RoI address (I've never even been to RoI! Though I can go it if makes the paperwork easier). Are there any that allow opening an account without a RoI address? I notice some state categorically that you must be a RoI resident... is there any flexibility in this?

Thanks!

Anglo IOM offer 3.35% for a one year EUR term deposit.

The below account is also open to non residents ...

3 Months 3.00% - 3.25%
6 Months 3.00% - 3.30%
7 Months 3.30%
9 Months 3.00% - 3.35%
1 Year 3.35%
Note 1: €20,000 minimum for 3.00% for 3 months, 3.00% for 6 months, 3.30% for 7 months, 3.00% for 9 months and 3.35% for 1 year.
Note 2: €100,000 minimum for 3.25% for 3 months, 3.30% for 6 months and 3.35% for 9 months.
Note 3: This INBS product is open to resident, non resident, personal and business customers.
Note 4: The 7 month term deposit rate offer ends February 28th 2010.

Click to expand...

Thanks. I don't really want a long term fixed offshore account (gives me a little less leeway in case things start getting dicey). But the onshore INBS account looks interesting - especially the 7 month deal. I'll give them a ring.

(The other question is whether they're set up to accept payments by SWIFT, since I don't have an Irish current account)

INBS still deal with passbooks. I don't think they would accept e-funds.

INBS let you wire money into your account, I have wired money into an INBS account previously.

I also am a Non resident - living in Spain. I contacted the INBS about this 7 month account and was told - yes indeed it is open to non residents

HOWEVER you will still pay DIRT ( Deposit Income Retention Tax) to the Irish Government because INBS dont bother with Non Resident Declaration forms - it is too much trouble for them ( their words not mine).

So you would have to then begin the business of reclaiming the DIRT paid on the account from the Revenue at the end of the year. This is not attractive for a non resident.

I know people who have got back DIRT from the Revenue, the process was quite fast.

Perhaps. But they'll probably end up sending a cheque, which you can't cash if you don't have an Irish current account. I've just fired off an email to the Revenue anyway.

That's a bit annoying. INBS make non-residents fill out a non-resident declaration, but can't be bothered to do anything with it. Are any other banks friendly to non-residents?

Hmmm... looks like Investec Ireland support UK residents opening RoI accounts. It's even included in the online application forms. Their UK division pays 1.2%+ on Euro accounts, which is a bit poor - the Irish rates are much better. Will have to find out the DIRT position. Handily they're also supported by the UK compensation scheme.