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Money in UK bank account but can't invest?

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  • 12-11-2017 9:12pm
    #1
    ploploplop
    Registered Users Posts: 29 ✭


    Hello - a friend of mine has a small sum of money (GBP) in a UK bank account and says he can't find a UK bank that will give him a decent return on his money. He's getting next to nothing on it currently. He wants it readily available for whenever the exchange rate improves, so a current account or instant access savings account, but is not able to open any such accounts because he's no longer UK resident. He can't even open a new savings account with his existing bank.

    Anyone any advice on what to do? Said I'd put this question to the knowledgeable folk on boards.

    I thought he might be able to find an Irish bank where he can transfer the GBP to (keeping it in GBP, maybe a Northern Ireland workaround?) but not sure. Really tricky to google, and then you need to go through all the small print criteria only to find it says "UK Residents only".


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    #2
    dxhound2005
    Registered Users Posts: 20,868 ✭✭✭✭dxhound2005


    Close the account and spend the money in the UK. It won't be hard to do with a small sum. Unless he bought the Sterling originally with Euro he won't have lost or gained anything by fluctuations in the exchange rate over the years. The rate might never again get to the point he wants.

    There are no accounts here or in the UK which offer a "decent" return if the customer wants instant access and no risk to the capital.


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    #3
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    What sort of amount are you talking about? 1k, 10k ... I think knowing a ball park figure will help with suggestions.
    Have you looked at the likes of TransferWise.com and try a local bank?


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    #4
    ploploplop
    Registered Users Posts: 29 ✭ploploplop


    Sorry for the delay - it's actually more than a small sum after all. He didn't say specifics but I'm gathering it's £100k+ and he wants to keep it for his pension.

    Thanks for the transferwise suggestion ProjectMoose - have used them before myself, very easy to use and a lot better than the banks!

    I'd say he's goosed - cut the loses and exchange at today's rate, but he's holding out for a better rate (i.e. before brexit!).


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    #5
    PHG
    Registered Users Posts: 475 ✭✭PHG


    Maybe try an ISA. They can invest £15 a year into it, withdraw anytime and no CGT on any potential profits.


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    #6
    breadhead
    Registered Users Posts: 40 ✭breadhead


    Sorry for resurrecting, I have a similar query.

    5k sterling and considering best options to get a return here. Would get less than 5 euros when exchange and transfer fees applied.

    Is there any high end item that would be best to buy investment-wise over there? A watch? Some tech? Any ideas?
    I wouldn't mind holding on to an item for some time or selling in the short term if that would work out better.

    Thanks for any input.


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    #7
    Dardania
    Registered Users Posts: 3,612 ✭✭✭Dardania


    breadhead wrote: »
    Sorry for resurrecting, I have a similar query.

    5k sterling and considering best options to get a return here. Would get less than 5 euros when exchange and transfer fees applied.

    Is there any high end item that would be best to buy investment-wise over there? A watch? Some tech? Any ideas?
    I wouldn't mind holding on to an item for some time or selling in the short term if that would work out better.

    Thanks for any input.
    A car?


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    #8
    garrettod
    Registered Users Posts: 2,430 ✭✭✭garrettod


    Hi,

    A few fairly basic but perhaps helpful suggestions:

    If you want to hold the funds long term - buy property,or, invest in UK equities.

    If you want to move it back to Ireland and put it to use - buy a car and bring it back in, still better value than buying cars here.

    If you just want to put it to use - spend it (holidays / business trips to the UK, shopping trips up north)


    Perhaps the likes of Revolut may be of assistance to those with relatively smaller sums ?

    Thanks,

    G.



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