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Thread: Cash savings in Australia when you live in the UK?

  1. #1
    Gav
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    Cash savings in Australia when you live in the UK?

    Hi all many of you already know that I'm currently living in Scotland UK, kind of got stuck here when doing the 2 year backpacking thing, still love it, but the interest rates for cash savings are so low! Over the last few years they've been dropping lower and lower, and it got me thinking each week when I do the best cash savings interest rate updates I should look at getting savings setup in Australia... However I've since closed all my bank accounts down (think I may still have a bank west one) and now have no address listed for Australia. So my question is?

    Can I save money in an Australian bank account, such as the best instant access Rams Savings without living in Australia or having a bank account in Australia?

    I'd much rather be getting the 5.01% you can get in Australia than the 1.81% you get in the UK!

    If I had of being doing that with 10,000 - 4 years ago, about $19,500Au, at the time, with interest I would have got back about $25,000Au which with today's exchange rate would be: 16,300 - with UK interest for the past 4 years I would have only got back about: 11,000.

    I do wonder if this is the top of the exchange rate for the Aussie Dollar, or will it go higher?



  2. #2
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    Hello new here, I know there are some accounts ran by UK companies that offer Australian dollar accounts, however offer little in the way of interest. CitiBank are one:

    Dollar Savings Accounts | Euro Savings Accounts - Citibank

    You need $475,000 Australian to get 0.75% interest. This is no where near the 5.01% from Rams that you quoted and worse than the best UK saving interest rates.

    Account name Australian Dollar Deposit Account
    Interest rates (AERs)
    Gross % p.a. Net % p.a. AER % p.a.
    AU$475,000+ 0.75 0.60 0.75
    AU$285,000 - 474,999 0.50 0.40 0.50
    AU$95,000 - 284,999 0.25 0.20 0.25
    AU$0 - 94,999 0.10 0.08 0.10
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    HSBC offer a lot of different foreign currency options. You might be able to get something with them. Maybe write to the people at the AU website and see:
    Foreign Currency Account. Foreign currency banking | HSBC Australia
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    My other post isn't allowed until a moderator approves it.

    A good idea is to ask on the http://britishexpats.com website they have a lot of information about UK to Australia bank details.
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  5. #5
    Gav
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    Approved the post, will look into this in more detail in the next few days. Off to bed now.
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    Senior Member DealHouse's Avatar
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    Gav those interest rates in the UK are terrible! I thought saving in Australia was awful!!

    Maybe read up on what NAB have to offer: Opening an Australian Bank Account - NAB seems they have a free bank account for people moving to Australia, it doesn't say if you can open it from overseas.

    Also you have to think of transaction fees, costs of exchange rate at the time as you never know the Pound may go up in value, although I understand England is worse off than Greece, Spain and Italy yet isn't having the same problems?
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  7. #7
    Senior Member DealHouse's Avatar
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    Just read it again these two are interesting:

    • Immediate access to your savings through your linked NAB Classic Banking account (once you have verified your identity in Australia)
    • Pay funds directly into your iSaver from overseas


    are you planning on coming back any time soon? Cost of coming back may loose all your interest!


    Open an Australian Bank Account


    We understand that when you’re moving to a new country you have lots of things to consider. That’s why we have kept the setting up of your banking in Australia simple.
    Our standard account is the NAB Classic Banking account. This provides unlimited banking with no monthly account fees ever. You can combine your NAB Classic Banking Account with a NAB iSaver, our online savings account that offers competitive rates of interest. We set-up up these accounts so that you can safely transfer funds as you need, before and after you arrive in Australia, see the 5 easy steps to start banking in Australia.
    When you arrive in Australia your dedicated migrant banker will sit down with you to understand all your financial needs and help you with a range of solutions to meet requirements.
    NAB Classic Banking

    Unlimited banking with no monthly account fees ever

    Apply now
    Features

    • No monthly account service fees
    • No opening or minimum balance requirements
    • No overdrawn fees
    • ATM access in eight different languages
    • Access to over 3,100 NAB ATMs and rediATMs Australia-wide without paying additional ATM fees.
    • NAB Visa Debit card included at no extra cost, which means you can access your own money online, over the phone and overseas wherever Visa is accepted.
    • Unlimited access via NAB branches, NAB Internet Banking, NAB Telephone, NAB Internet Banking on your mobile, NAB SMS banking and EFTPOS.
    • You are not required to use NAB Foreign Exchange facilities to transfer funds.
    • In addition to making deposits at a NAB branch, customers can also make deposits free of charge at the post office.

    Before you apply you should read the appropriate NAB Classic Banking Important Privacy Information, Terms & Conditions, Interest Rates and Fees & Charges. Find out more about NAB Classic Banking.
    Combine your NAB Classic Banking with a NAB iSaver

    An online savings account offering competitive interest

    Apply now
    Features

    • No bank fees – no transaction or account keeping fees
    • Interest calculated daily and paid monthly
    • No opening or minimum balance requirements
    • Unlimited deposits and withdrawals with no impact on the rate of interest you can earn
    • Immediate access to your savings through your linked NAB Classic Banking account (once you have verified your identity in Australia)
    • Pay funds directly into your iSaver from overseas
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  8. #8
    Gav
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    thanks a lot to look at!

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    How did you get on with this?

    Quote Originally Posted by DealHouse View Post
    are you planning on coming back any time soon? Cost of coming back may loose all your interest!
    you'd need a lot of money in savings to pay for a flight especially at the best interest rate being 4.75% at the moment, about 1 years interest for $35,000 at 4.75% would cover a return flight to Australia. Or at least return Australia to England don't know if flights cost the same other way around.

    Currency change, AUD dropping and GBP rising
    The other thing is, would it be worth it? putting money into Australian currency now would be crazy! It's propped up on the boom of mining and China's not buying as much now and has dropped a lot in the last month or two.

    I think we were getting about 0.70GBP for every $1 at the peak and now it's down to 0.60GBP for every $1.

    if you had Australian dollars then you would have lost 10% and I see it going down more!

  10. #10
    Gav
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    Sorry should have mentioned this, gave up on the idea, figured that the way the $ was it'd cost so much to move money to Oz and then as what's happened the has risen against many currencies and the AUD has dropped as you've mentioned.

    I ended up just putting my very limited savings in a great account that the UK offer a tax free ISA, so any interest that you earn you don't pay tax on and you can add more each year and roll it over year after year. This year 2013/14 you can only put in 5,760 in cash, but you can invest the same amount tax free in stocks and shares, or just put the entire 11,520 into shares.

    I'm only using part of the cash allowance so far this tax year, told you it wasn't much for savings! I hope to have more in the following years and start the stocks and shares one too.

    My interest is a very poor 2.5% but without tax and keeping it instant access it's the best I can get in the UK.
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