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The perfect place to retire?
Old 11-06-2011, 03:02 PM   #1
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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.
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Old 11-06-2011, 04:03 PM   #2
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Do they have anything like FDIC over there?
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Old 11-06-2011, 04:25 PM   #3
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Do they have anything like FDIC over there?
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.
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Old 11-06-2011, 04:29 PM   #4
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They had a 5.2% inflation in September.
BBC News - UK CPI inflation rate rises to 5.2% in September
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Old 11-06-2011, 04:33 PM   #5
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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.
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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Old 11-06-2011, 04:45 PM   #6
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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.
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.

Long vacation in England

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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Old 11-06-2011, 05:16 PM   #7
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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.
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Old 11-06-2011, 05:27 PM   #8
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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.
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.
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Old 11-06-2011, 05:33 PM   #9
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When we lived in Scotland we used to bank at the Clydesdale.
Well, of course! Why wouldn't you?

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Old 11-06-2011, 05:46 PM   #10
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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.
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
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Old 11-06-2011, 06:06 PM   #11
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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.
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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Old 11-06-2011, 07:23 PM   #12
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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.
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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Old 11-06-2011, 07:47 PM   #13
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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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Old 11-06-2011, 10:09 PM   #14
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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.
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.
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Old 11-07-2011, 09:00 AM   #15
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They had a 5.2% inflation in September.
BBC News - UK CPI inflation rate rises to 5.2% in September
That's not relevant if you live in the USA & the pound is stable or rising vs. the $.
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Old 11-07-2011, 10:58 AM   #16
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That's not relevant if you live in the USA & the pound is stable or rising vs. the $.
My assumption is that these accounts are only available to UK residents so the inflation rate would be relevant
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Old 11-07-2011, 01:19 PM   #17
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My assumption is that these accounts are only available to UK residents so the inflation rate would be relevant
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.
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Old 11-07-2011, 04:12 PM   #18
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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.
I guess I'm not going to get the free health care over there either....
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Old 11-07-2011, 04:30 PM   #19
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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.

I guess I'm not going to get the free health care over there either....
Rats!!
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Old 11-07-2011, 04:39 PM   #20
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You also have the dreary weather, though easy flights to warmer destinations too.
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