Key Post Opening a sterling account in Northern Ireland

[littletiger]

I'm thinking of opening an account in NI with UB too. What are the tax implications? I want to keep everthing above board and pay whatever tax would be due.

I opened a current account so I will not be earning interest so no tax implications. Deposit accounts are subject to tax on interest earned.

 

[joeryan]

I opened an ulster bank sterling current account in Newry. The forms came in the post, I filled them in went into my local branch (where I don't have an account) and got them to witness my ID and send the application to Newry in their internal mail.
No annual fee either. Where did you get the 150 Sterling from?

Sorry for late response.
I got the 150 from here - it was highlighted and given to me by the Ulster bank staff in Dorset street.
The following link is a picture from Ulster Banks
"Schedule of Services - Payment and International Banking Charges" leaflet dated Jan 2011:
imageshack.us/photo/my-images/715/ulsterbank.jpg

I called Ulster Bank in Newry and they said I could have a current account opened over the telephone.

For a saving account I have to go in person - and I would need to open a current account too but with no charges!!!

They said bring 3 months bank statements and passport/driving license.
They are open on Saturdays from 10am -> 1pm

Thanks to the people on this forum for your advice

 

[JJ47]

I opened a current account so I will not be earning interest so no tax implications. Deposit accounts are subject to tax on interest earned.

I phoned an ulster bank branch in NI today enquiring about opening a stg current account. Got asked 100 questiions about what money would be going through a/c how often etc. I said i wanted to put money in and withdraw it when i wanted. Very rude staff member said i wouldnt be able to open current a/c as money needs to be coming through a/c on a regular basis!
any idea how to get around this?

 

[groom]

I just rang a branch number (Newry) asking to open a current account and they put me through to a call centre. I told them I was an ROI resident. 2 accounts were offered. A Step account and a Current account. Only difference seems to be that a Current account is eligible for an overdraft. The forms are being sent in the post. Easy Peasy!

 

[dec1892]

I just rang a branch number (Newry) asking to open a current account and they put me through to a call centre. I told them I was an ROI resident. 2 accounts were offered. A Step account and a Current account. Only difference seems to be that a Current account is eligible for an overdraft. The forms are being sent in the post. Easy Peasy!

Do we know for certain if there is an annual charge or not for the Step Account?

 

[capilano]

I also rang Ulster Bank, Newry. Opened a Step Account over the phone (I have a ROI Ulster Bank account so they have personal details) Waiting for application in the post. The will open a deposit account @3.1% and I can transfer funds to that from Step Account. I will use transfermate.com to transfer funds. Much better rate than AIB- difference of almost 850 euro on transfer of 90K.

 

[KOR101]

If you want a good rate on a GBP account, there are a few Isle of Man options, with good rates, such as Nationwide International.

It is quite normal for banks to charge different rates for residents and non residents. I agree that it is not right.

Thanks for the tip.

Opened an account with Nationwide International, and find both rates and service very good.