UK Expat - Interest Generating Bank Accounts

[lydiascott]

UK non resident M30 - current situation:
Working in China (and planning to move around Asia) - £60000 p/y
Currently sending savings from income to the UK into a Barclays Bank account that has no interest.
I also outright own a property that generates £750 rental income a month.

I’m aiming to have a buffer of around £20000 while investing the future income in ETFs using an online broker.

I’ve just essentially wiped out all my UK based savings to finish paying off the mortgage on my house. Starting from scratch I’m looking at how I can avoid the money I will now be sending back from stagnating particularly with the high interest rates in the UK currently.

There are currently tons of high interest 4%+ easy access bank accounts available in the UK! Does anyone know of any available bank accounts for UK non residents or expats in general that can generate interest on the money I’ll be keeping for my current situation?

Thanks for any and all advice.

 

[andrew121]

@lydiascott I live in latam. £50k in premium bonds I make about £300 / month. Just a thought.

 

[lydiascott]

@andrew121 Bonds are a shout - seems NS&I (posted in uk finance too) are able to potentially sell me bonds as a non resident, although it’s country dependent so I need to check it out.

 

[lorelai]

@andrew121 With NS&I? Their premium bonds don’t pay interest according to their website.

 

[andrew121]

@lorelai It's more like a lottery - it should give roughly 4% odd but it's hit and miss each month (plus up to a million if you're lucky). Depends on you risk appetite.

 

[lorelai]

@andrew121 300 a month though. Really?

 

[andrew121]

I was making that (also in latam). £70 (two of us) getting 3-400 a month. Nada for the last two months so considering putting it back into Ford as it's really dragged the average return down.

 

[bible_boy]

@lydiascott

• https://www.expat.hsbc.com/ (https://expatexplorer.hsbc.com/interest-rates)
• https://www.interactivebrokers.com/en/accounts/fees/pricing-interest-rates.php
• https://www.barclays.co.uk/content/dam/documents/personal/savings/rates-for-savers.pdf
• https://www.justetf.com/en/etf-profile.html?isin=LU0321464652#overview
• https://www.vanguardinvestor.co.uk/...-money-market-fund-investor-gbp-income-shares

 

[rosina]

@lydiascott If you're interested in crypto, you can open accounts with Revolut, Tap Fintech, and Uphold. However, I wouldn't recommend any particular one, as crypto is volatile and can lead to gains as well. NFA as always!

 

[whitesunshinee]

@lydiascott Yes, using the Ardan platform, you can invest with Lloyds International in a savings account. Investments for Expats has written a few blogs and a YouTube video on it.

Current rates are around 6% I believe depending on the account you want.

The guy lives in Bangkok so probably understands the pains you have trying to invest in a savings account in China / Asia.

Might be worth a look, especially if it's easy access and set up for expats.

 

[lydiascott]

@whitesunshinee Will take a look at this, sounds extremely useful. Thank you for your reply.

 

[whitesunshinee]

@lydiascott No problem at all. Glad I can be of help!