Opening UK sterling savings account

My other half, who's Scottish, just inherited a large sum following his dad's death. We'd like to keep the money in sterling, with a view to perhaps buying a holiday let there next year. Can we open a UK-based sterling account? Irish-based sterling a/cs seem to be designed for businesses to pay sterling bills, and the interest rates are pitiable. We'd be happy to put it away for 6-12 months, if we got a good rate.

Thanks for any advice.

In theory no reason why you can't open a UK based account. You may have practical difficulties in that you will need to be physically present to do so.

You must declare income to revenue authorities

Silica said:

My other half, who's Scottish, just inherited a large sum following his dad's death. We'd like to keep the money in sterling, with a view to perhaps buying a holiday let there next year. Can we open a UK-based sterling account? Irish-based sterling a/cs seem to be designed for businesses to pay sterling bills, and the interest rates are pitiable. We'd be happy to put it away for 6-12 months, if we got a good rate.

Thanks for any advice.

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I think I should write a key post on GBP savings accounts. This question keeps getting asked.

There is very little open publication of rates for GBP accounts for non residents but based on previous posts, here are some options for you ...

1) An [broken link removed] for an excellent 3.5%. There might be some hassle with account opening and make sure you inform the Revenue.

2) An [broken link removed] They offer 1.15% AER which is no bad given the lack of ROI GBP deposit competition.

3) Ring Investec on +35314210000. They are known to offer good GBP rates to non UK residents.

4) Ring Ulster, BOI & PTSB and ask for their rates. They all offer GBP accounts.

Thanks Fungus, that's really helpful, and I'll start hitting the phones.

I can confirm the hassle involved, and I know you have to physically go to a branch to open an account (although maybe that doesn't apply for Isle of Man accounts?): we had to do this, even to add a simple savings account to my husband's old Clydesdale cheque account, which he kept when he moved to Ireland.

My husband recently tried to open a bank account in England. He is English. He produced his passport and english drivers licence but did not have a current utility bill with an english address in his name. He was refused the account.

I enquired about opening sterling account with some N irish banks recently - all say you have to present with passport and proof of Irish address. Best short-term deal I was quoted was an attractive 2.25% over 9 months with Northen Bank while Halifax gave 1.7% over a year or 4.15% over three years.

What do you have to pay tax on is it the interest or any money you may make due to increases in the value of the foreign currency

Don't want to hijack this post but I have an English account from when I lived in England, 2 years ago, and it's still active.

I was thinking of transferring money to that account, i.e. put in €10k using HIFX to exchange the money and then transfer back into Euros next year when the fx rate has moved in my favour

I presume I only need to inform Revenue if I make any interest on the savings

Halifax in Northern Ireland are offering 4.15% for 2 year fixed deposit.