subject: Many British Expats Are Actually LOSING Money With Their Onshore Savings Accounts Says Lee Byers! [print this page] Many British Expats Are Actually LOSING Money With Their Onshore Savings Accounts Says Lee Byers!
You might think that a well-respected high street bank in the UK is the best place for your savings after all, your account is probably protected by the Financial Services Compensation Scheme - meaning that you haven't got to worry if the bank goes belly up.
It's all about better the devil you know' for many Brits abroad when it comes to them and their money - and because such an onshore account will probably be backed by the British government, and you know how to go through the right channels if ever you need to complain, you're maybe thinking your money will be just fine if left onshore in the UK.
However, new evidence shows that actually some British expats are losing money with their onshore savings accounts because of the cumulative effects of zero interest now being paid on them, and inflation beginning to erode the value of what savers do have on deposit. So if you thought you were better off leaving your money where it was when you jetted off for your new life abroad, now may well be the time to think hard and to think again!
British banks are getting away with underhand tactics that mean they are not openly revealing how poorly paying your current savings account is.
Experts warn that if you opened an account with a headline rate over a year ago, that account could now be paying you absolutely nothing in terms of interest. What's more, you won't be aware of the fact because instead of openly admitting the fact, banks bury what they are paying (or rather, what they are not paying you) in jargon, small print and lengthy and complex changes that they issue to their terms and conditions, and which most of us chuck in the bin having skimmed the headlines for the information we require namely the rate of interest we're receiving.
We assume that because we can't see a change, then a change hasn't happened. But that is NOT always the case in fact, at the moment, that is seldom the case, particularly if you have an instant access savings account in place in Britain as these account types are the least likely to pay a high rate of interest even in the good times. According to a spokesman for Which?,' the consumer group: "Banks need to be clearer and more open in the way they communicate with their customers if they want to rebuild the trust that has been so badly damaged in the past 18 months." And we couldn't agree more but the problem is, banks don't want to lose you, your custom or your money, but they are so big, fat and complacent that they don't actually think they have to do anything to retain your loyalty.
Well, come on, let's unite and give them a wake up call inflation in the UK is up, and interest rates on your savings are down (in some cases to zero) so you have absolutely no reason to retain an account that's losing you money, and no loyalty to high street banks in the UK, most of which have been bailed out by the British taxpayer anyway! Now, we're not saying that you can get particularly high rates of interest offshore on simple savings accounts at the moment either, but you can shop around and see where else you can house your money securely, safely and still have instant access and some interestand why not look abroad to see what's on offer.
In the recent past, emerging and less highly rated nations such as Cyprus, Turkey, India and even Ireland have been offering better rates of interest to international customers and whilst you do of course have to research each offering on a case by case basis and determine how well protected your money will be, with the help of an adviser who can guide you through the international world of monetary offers, you may well find a better account and a better solution for your money than zero interest and constant inflationary erosion that's now all that's seemingly available in the UK.
If we expats vote with our financial feet, you never know, one bank might prick its ears up and respond to consumer demand and give us back some interest on our savings. After all, they benefit from our custom, why shouldn't they be forced to give something back in return?
If you want to discover if you can get a better rate of return on your savings, please get in touch and we will put you in touch with an adviser who can tell you what's currently available. You can then decide if you want to explore the options open to you in more depthbut you're under no obligation to proceed!
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