UK banks to close many ex-pats accounts after Brexit.

[mike strand2]

(bonus point for remembering Smile is part of Barclays.
Ian

Smile is part of The cooperative Bank. I just checked on line and there is no mention of any Barclays involvement, although I acknowledge Barclays could possibly be a shareholder.

https://en.wikipedia.org/wiki/The_Co-operative_Bank!

[PolemIan]

Correct Mike, slight senior moment last night whilst in mid flow.

Ian

[mike strand2]

I read that NSI have said that huge numbers invested more in Prem Bonds in July: I was one. With the UK banks paying virtually 0% interest, why wouldn't I? If I get just one 25 pound win, that would be more than my bank interest in a year! Unfortunately NSI are having to cut their returns because of this influx of additional money. I'm no banker & cannot put the two things together!

[WHL]

I read that NSI have said that huge numbers invested more in Prem Bonds in July: I was one. With the UK banks paying virtually 0% interest, why wouldn't I? If I get just one 25 pound win, that would be more than my bank interest in a year! Unfortunately NSI are having to cut their returns because of this influx of additional money. I'm no banker & cannot put the two things together!

We did this recently, we took a big chunk out of the Bank and bought the maximum amount we could, and the first month we won a hundred odd quid, Im sure its fixed to give you a little sweetener,
as previously I had about two hundred quid in premium bonds for over fifty years without winning a bean.

[trevnhil]

Are people with their permanent address in Cyprus able to buy premium bonds ?

[trevnhil]

I was really looking for a yes or no answer. However all I get from the link is
"Unfortunately the page you are looking for is not available."

[PhotoLady]

Are people with their permanent address in Cyprus able to buy premium bonds ?

We did when we lived in Cyprus.

This from the website:
I live outside the UK - can I invest with NS&I?
While we have always been a UK based savings provider, backed by HM Treasury, we also have customers who live outside the UK.

If you live outside the UK, or are considering moving overseas, please see below for some general guidance on saving with us. Some of our products cannot be held in certain countries due to local restrictions and some may also be liable for local tax. For detailed information you will need to check the local law or regulations in the country outside the UK you are living in or moving to.

If you move overseas, you will need to let us know so we can update your details.

https://www.nsandi.com/i-live-outside-u ... t-with-nsi

[Kia Picanto]

I was really looking for a yes or no answer. However all I get from the link is
"Unfortunately the page you are looking for is not available."

Indeed you can Trev. Initially, you apply by post. Once set up, you can do everything online. Hope this link helps.


https://www.nsandi.com/i-live-outside-u ... t-with-nsi

[Kia Picanto]

Oops! Beaten to it by Photolady

[WHL]

Are people with their permanent address in Cyprus able to buy premium bonds ?

We have a home in London. but I think you can still buy premium bonds if you live out side the UK

https://www.nsandi.com/i-live-outside-u ... 20Sterling

[trevnhil]

Thanks for the positive replies..

[galexinda]

I found this informative article about the EU passporting system for banks:

https://www.bba.org.uk/wp-content/uploa ... QB-3-1.pdf

[mike strand2]

Thanks for the positive replies..

DO bear in mind that strictly speaking, although winnings from PB's atre tax free in the UK, they are not in CY.

[galexinda]

Thanks for the positive replies..

DO bear in mind that strictly speaking, although winnings from PB's atre tax free in the UK, they are not in CY.

Yes, that is what our accountant told us a couple of years ago when we asked her about Premium Bonds - I decided it wasn't worth having to register to tax for just that reason for the small amount I had intended to invest and in fact cashed in the ones I already had as they had never won me anything.

[mike strand2]

Not a word to the taxman, but I just had 2 wins this October; £25 & £100. So my plan paid off; leave a min amount in my bank (paying a miserly 0.01% interest) and stuff the rest into Prem Bonds.

[Lazydaze52]

We wanted to buy Premium bonds for our grandson online but were blocked. On speaking to their customer services was told you couldn’t purchase Bonds if you lived in Cyprus, but we are able to continue to hold the ones we already had and if we do win it is reinvested in more Bonds. So if you reinvest winnings I assume you escape the tax implications over here? Mind if I scooped the big one I would want to go on a spending spree!!!

[mike strand2]

We wanted to buy Premium bonds for our grandson online but were blocked. On speaking to their customer services was told you couldn’t purchase Bonds if you lived in Cyprus, but we are able to continue to hold the ones we already had and if we do win it is reinvested in more Bonds. So if you reinvest winnings I assume you escape the tax implications over here? Mind if I scooped the big one I would want to go on a spending spree!!!

According to this page from NSI, there are no restrictions imposed by them. However some countries will not allow the purchase of Prem Bonds as it's seen a gambling!
https://www.nsandi.com/i-live-outside-u ... t-with-nsi

See also post on Cyrus Living from 2014, https://www.nsandi.com/i-live-outside-u ... t-with-nsi

[bromerzz]

I buy Premium Bonds and have a Cyprus address, it is not a problem. Most recent purchase was only last week as I shuffled money from my UK bank where the interest was worth nothing to Bonds where at least you have a chance on winning as well. Just bear in mind the £50,000.00 limit you can hold.

[WHL]

I buy Premium Bonds and have a Cyprus address, it is not a problem. Most recent purchase was only last week as I shuffled money from my UK bank where the interest was worth nothing to Bonds where at least you have a chance on winning as well. Just bear in mind the £50,000.00 limit you can hold.

That is per person,

[Lazydaze52]

Thanks for the info mike and bromerzz.

Our application was refused, which was why we rang their helpline, maybe it was because we were buying them for someone else? We ended up sending the money to our daughter to buy them.

We already own premium bonds and Wouldn’t mind moving some money from our savings which is earning zilch at the moment. If banks start to close expat bank accounts, premium bonds might be the best way forward for us personally, so we will give it another try.