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The perfect place to retire?
11-06-2011, 02:02 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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The perfect place to retire?
I think I've found the prefect retirement place. You get free healthcare
and 5.16% interest on a 5 year saving account (like a 5 year CD) . Anyone interested?
Term Deposit - Personal Savings - Personal Banking - Yorkshire Bank
A 5 year fixed term saving account ladder still looks attractive here and it's insured up to $135000 per institution. You do have to like blood sausage and steak and kidney pudding though as this place is the UK.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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11-06-2011, 03:03 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Do they have anything like FDIC over there?
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11-06-2011, 03:25 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Quote:
Originally Posted by rec7
Do they have anything like FDIC over there?
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Yes, $135000 is guaranteed by the government per institution. So by having accounts with different banks the sky's the limit for coverage. I'm just amazed you can get 5% return which is far more than a 5 year CD.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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11-06-2011, 03:29 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,505
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11-06-2011, 03:33 PM
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#5
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
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Quote:
Originally Posted by nun
You do have to like blood sausage and steak and kidney pudding though as this place is the UK.
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Since low housing costs and low cost of living are high priorities for me if I should choose to move, and since I've heard that housing over there is frightfully expensive, I think I'll still choose to leave these culinary oddities to you Brits. That interest rate certainly does show us that every place has its positive aspects, though.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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11-06-2011, 03:45 PM
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#6
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,056
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Quote:
Originally Posted by W2R
Since low housing costs and low cost of living are high priorities for me if I should choose to move, and since I've heard that housing over there is frightfully expensive, I think I'll still choose to leave these culinary oddities to you Brits. That interest rate certainly does show us that every place has its positive aspects, though.
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Not at all, unless you choose to live an area of high cost housing. As we proved to ourselves during our 7 month stay in a beautiful 3-bed rented house this year we could live there for, more or less, the same money than we are spending here. We rented that house for ~$1,000 / month, but you could have bought it for ~$250k.
http://www.early-retirement.org/foru...and-55351.html
Nun,
Thanks for the link. Those rates are much better than I'm currently on my UK savings so I am in the process of opening an account. We expect to spend 3 or 4 months there every couple of years and since I'm receiving a UK private pension it should work out well.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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11-06-2011, 04:16 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
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I've never heard of Yorkshire Bank. Does anyone from the UK have personal knowledge of this bank?
Might be worth investigating as we have some pounds in the UK earning next to nothing. We could transfer these funds when we are there later this month.
__________________
I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
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11-06-2011, 04:27 PM
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#8
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,056
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Quote:
Originally Posted by DangerMouse
I've never heard of Yorkshire Bank. Does anyone from the UK have personal knowledge of this bank?
Might be worth investigating as we have some pounds in the UK earning next to nothing. We could transfer these funds when we are there later this month.
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It's based in Leeds and is a subsiduary of Clydesdale Bank, which in turn is a subsiduary of National Australia Bank.
When we lived in Scotland we used to bank at the Clydesdale. The fact that it is has the UK equivalent of FDIC insurance is good enough for me to open an account.
There was a branch in Guisborough where we were living for 7 months earlier this year.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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11-06-2011, 04:33 PM
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#9
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,198
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Quote:
Originally Posted by Alan
When we lived in Scotland we used to bank at the Clydesdale.
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Well, of course! Why wouldn't you?
__________________
I thought growing old would take longer.
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11-06-2011, 04:46 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Quote:
Originally Posted by W2R
Since low housing costs and low cost of living are high priorities for me if I should choose to move, and since I've heard that housing over there is frightfully expensive, I think I'll still choose to leave these culinary oddities to you Brits. That interest rate certainly does show us that every place has its positive aspects, though.
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Cost of living varies enormously across the UK just as it does in the US. I live near Boston and I find most things to be less expensive in the UK anywhere outside of London. Of course UK gasoline prices are way higher than in the US,
but the generally lower cost of living, free healthcare and now 5% interest rates are making the UK look very attractive.....5.2% inflation is a worry though
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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11-06-2011, 05:06 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Quote:
Originally Posted by Alan
Nun,
Thanks for the link. Those rates are much better than I'm currently on my UK savings so I am in the process of opening an account. We expect to spend 3 or 4 months there every couple of years and since I'm receiving a UK private pension it should work out well.
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If it's from Yorkshire it has to be the best . Looking the rates that can be had in the UK I think I'll put my cash and short term investments there in a current account and a 5 year fixed term savings account ladder. I'll use dividends and gains from US Vanguard etc accounts to replenish the ladder. I'll obviously have UK pensions paid into my UK accounts, but I'm not sure if it's best to have the US SS deposited in a UK or US account. Probably best to go the UK route so that there are no questions about having it paid free of US tax.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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11-06-2011, 06:23 PM
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#12
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,056
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Quote:
Originally Posted by nun
If it's from Yorkshire it has to be the best . Looking the rates that can be had in the UK I think I'll put my cash and short term investments there in a current account and a 5 year fixed term savings account ladder. I'll use dividends and gains from US Vanguard etc accounts to replenish the ladder. I'll obviously have UK pensions paid into my UK accounts, but I'm not sure if it's best to have the US SS deposited in a UK or US account. Probably best to go the UK route so that there are no questions about having it paid free of US tax.
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When I had looked around a year or so ago, all the best rates either required you to be a UK resident or were in ISA's which also requires residency. Yorkshire bank apprears to have no such restrictions and even provides the HM Revenue form to have the interest paid gross. I'm also planning to build a ladder if this works out.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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11-06-2011, 06:47 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
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You can get a 3 year CD here 8.5% (2.6% inflation) cheap health care (with a cancer ins as well) blood sausages (Morcillo) in every supermarket and occasionally FOG!
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11-06-2011, 09:09 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Quote:
Originally Posted by Alan
When I had looked around a year or so ago, all the best rates either required you to be a UK resident or were in ISA's which also requires residency. Yorkshire bank apprears to have no such restrictions and even provides the HM Revenue form to have the interest paid gross. I'm also planning to build a ladder if this works out.
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I was assuming you'd need to be UK resident to open an account. If that's not the case they'll be getting a lot of business from the US. Let me know how things go.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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11-07-2011, 08:00 AM
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#15
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Quote:
Originally Posted by walkinwood
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That's not relevant if you live in the USA & the pound is stable or rising vs. the $.
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11-07-2011, 09:58 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Quote:
Originally Posted by gerntz
That's not relevant if you live in the USA & the pound is stable or rising vs. the $.
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My assumption is that these accounts are only available to UK residents so the inflation rate would be relevant
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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11-07-2011, 12:19 PM
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#17
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,056
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Quote:
Originally Posted by nun
My assumption is that these accounts are only available to UK residents so the inflation rate would be relevant
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I sent them an e-mail about residency requirements and am waiting for a response. Nothing I've read so far indicates residency is a requirement and the application process even allows you to download and complete the UK IRS form to allow you not to have the bank withhold taxes. (The normal state in the UK is that UK taxes are paid at source).
I'll let you know the outcome.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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11-07-2011, 03:12 PM
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#18
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,773
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From somewhere on that link in the OP:
Quote:
Who is eligible for a Term Deposit Account?
Providing you are a UK resident, can provide a personal cheque for the minimum £2000 deposit and you are over the age of 16 you are eligible.
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I guess I'm not going to get the free health care over there either....
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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11-07-2011, 03:30 PM
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#19
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,056
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Quote:
Originally Posted by Bestwifeever
From somewhere on that link in the OP:
Quote:
Who is eligible for a Term Deposit Account?
Providing you are a UK resident, can provide a personal cheque for the minimum £2000 deposit and you are over the age of 16 you are eligible.
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I guess I'm not going to get the free health care over there either....
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Rats!!
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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11-07-2011, 03:39 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 7,422
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You also have the dreary weather, though easy flights to warmer destinations too.
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