How to open a Sterling deposit account

[Slim]

I have come into a small inheritance. It is in sterling and I would like to keep it in sterling for a couple of years. As I live in the RoI, can I open an account with any UK bank? Do they have an equivalent of DIRT? If so, do I still have to declare it to Revenue here? Can I open an account online? Are the higher UK deposit rates available to non-residents?

Slim

 

[jpd]

I have come into a small inheritance. It is in sterling and I would like to keep it in sterling for a couple of years. As I live in the RoI, can I open an account with any UK bank?

Probably but with difficulty - I had a sterling account with LloydsTSB whilst living in France and Ireland, but then it was opened years ago when I was UK resident.

Do they have an equivalent of DIRT?

No, but you could ask for the interest to be paid gross.

If so, do I still have to declare it to Revenue here?

Yes of course - and it will be taxable at your marginal rate.

Can I open an account online?

unlikely

Are the higher UK deposit rates available to non-residents?

Yes if you choose your bank carefully, but Anglo Irish bank here have quite competitive sterling deposit accounts with different terms, and DIRT is deducted automatically. This is the option I chose when I closed my LloydsTSB UK accounts as their rate were no longer competitive

 

[ClubMan]

I think you can open GBP£ denominated accounts with some Irish banks if that's what you need (e.g. because you don't want to convert the money to € now or at all). Maybe try Anglo Irish Bank.

 

[Slim]

Thanks for the replies. Contacted Anglo Irish and sorted out the T&Cs and a form. Offering 6.05%p.a. gross for 2 years. Also, local NIB will offer the facility as long as balance is over stg£10k. They will ring back with the rates.

Slim