Can you keep a UK savings account if you live abroad?

If you’re thinking about moving or retiring overseas, you might be wondering – can I have a UK savings account if I live abroad?

The rules for UK savings accounts abroad vary based on the bank, destination location, and type of account. So you’ll want to make sure your money can move with you when you relocate.

Here, we look at whether you can have a UK savings account abroad, limitations, and alternative accounts for savers. You might also consider Wise. With a Wise account, you can hold money in 40+ currencies.

Wise uses the mid-market exchange rate and low, transparent fees* – and there’s a discount for transferring large amounts. You can even earn a variable return on GBP, EUR, and USD with Wise Interest. Capital at risk. Growth not guaranteed.

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

Can you have a UK savings account if you live abroad?

Generally speaking, you can keep an existing UK savings account open if you live abroad. But it depends on who you bank with, and where you’re living.

For example, Barclays will not allow you to keep savings accounts open if you live abroad.¹

This is because all Barclays account holders need to be living in the UK.

Alternatively, you can keep a Santander savings account open overseas. But, you might face some limitations on the benefits and service you receive.²

Your best bet is to check with your bank first, before you move abroad. Let’s look at the rules for existing vs new UK savings accounts.

Existing savings accounts

Some banks will let you keep your existing savings account open abroad, though you may be limited on what you can do with it.

For example, Lloyds bank doesn’t give a firm yes or no on whether you can keep your account open, but does say you may not receive the same level of services or benefits.³

The same is true for Nationwide, which lets you register a foreign address for existing accounts and continue using them overseas. Though current accounts, savings accounts, and credit cards are unavailable for members in the Netherlands and Italy.⁴

Since Brexit, certain banks have introduced more restrictions on holding UK accounts abroad in EU countries., so make sure you check current guidance.

Can I open a new UK savings account from another country?

In most cases, you need a UK address to open a UK bank account or savings account. So, if you’re permanently relocating to another country, it’s unlikely you’ll be able to open a UK savings account.

However, if you’re keeping a UK address and splitting your time between locations, it could still be possible. It’s best to check the terms and conditions for the particular account, since every bank differs.

While you may not be able to open a new UK savings account with a particular bank, some offer expat or international accounts you can use instead. HSBC expat, for example, offers a range of savings accounts.⁵

Lloyds bank also has options for international savers.⁶

International savings accounts often come with multi currency options, which could make managing your finances abroad easier too.

How do UK ISAs work if you move abroad?

If you move abroad and become a non-UK resident, you can no longer pay into a UK ISA. You can keep the UK ISA open abroad and claim the tax relief, and you can also transfer it to another provider. But you won’t be able to pay into it.

Also, depending on where you relocate to and the type of ISA, you may need to pay local taxes on interest earned. If you move back to the UK and become a resident, you’ll be able to resume paying into your ISA.⁷

Give your money a boost with Wise

Keeping up with your savings abroad is a smart choice. But you should make sure your account is fit for purpose before you relocate, and that you won’t miss out on benefits or services. Opting for an expat bank account can be helpful here.

You could also choose Wise, a great alternative for managing money abroad. While it isn’t a savings account, you can hold, pay, and send money in 40+ currencies, which is ideal for frequent travellers. Wise uses the mid-market exchange rate, and you can use your card in 150+ countries. There’s a dedicated large transfer team, and discounted fees for moving £20,000 GBP or above.

Open a Wise account

And with Wise Interest, you can continue earning on your savings in GBP, EUR, and USD. Money is invested in funds that hold government-guaranteed assets. Returns are added to your money every working day, available for you to spend. Capital at risk. Growth not guaranteed.

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

Sources used in this article:

1. Barclays - living outside the UK
2. Santander - moving abroad
3. Lloyds - personal banking terms and conditions
4. Nationwide - register a foreign address
5. HSBC expat - multi-currency savings account
6. Lloyds - international savings accounts
7. GOV.UK - individual savings accounts if you move abroad

Sources last checked: 10 Jun 2025