Best GBP savings accounts for expats?

Gastro Gnome · #1 18.12.2009, 14:04

What are the best GBP savings accounts for expats to use?

I guess you want a combination of good interest rate and ease of management. Good reporting for Swiss taxes would also be good.

I see B&B are currently offering 2.5%

http://www.bbi.co.im/offshore-savings-accounts/

Cashboy · #2 18.12.2009, 14:26

	Quote:	Gastro Gnome
	What are the best GBP savings accounts for expats to use? I guess you want a combination of good interest rate and ease of management. Good reporting for Swiss taxes would also be good. I see B&B are currently offering 2.5% http://www.bbi.co.im/offshore-savings-accounts/

I would expect sterling to fall further and further down.
Interest rates are so low, they are hardly worth worrying about.

If you have £100 and interest rate is 2.5% you get £2.50 then taxed at source at 20% means you end up with £2.00
If the pound falls by 10% in value against the Swiss Franc, then your £100 is only £90 when you transfer it back to Swiss Francs.

Gastro Gnome · #3 18.12.2009, 18:18

	Quote:	Cashboy
	I would expect sterling to fall further and further down. Interest rates are so low, they are hardly worth worrying about. If you have £100 and interest rate is 2.5% you get £2.50 then taxed at source at 20% means you end up with £2.00 If the pound falls by 10% in value against the Swiss Franc, then your £100 is only £90 when you transfer it back to Swiss Francs.

I expect sterling to recover in 2010.

Wouldn't I expect an expat account to be tax free?

I have no need to transfer this back to CHF . . .