Living outside the UK

We've always been a UK savings provider, backed by HM Treasury, but we do have some customers who live outside the UK. If you’re considering moving abroad or currently live outside the UK, there are a few things you’ll need to know to make sure that our accounts are still suitable for you.

You need a UK bank or building society account

To save with us, you’ll need a UK bank or building society account in your name. This is because we can only make payments to, and receive payments from, a UK account in pounds sterling.

You can’t hold some of our accounts in certain countries

You may not be able to hold some NS&I accounts in certain countries because of local restrictions, and some of our accounts might be liable for local tax. Always check the local laws and regulations in the country you are living in or moving to.

If you move overseas, please let us know so we can update your details.

How do I change my address and other details?

FAQs

• Living in the European Union (EU)?

  Some banks in the UK have informed customers living in countries within the EU that they are no longer able to hold their UK bank account following the end of the Brexit transition period.

  How does this affect me?

  If you’re an NS&I customer living in the EU, then this could affect you if you’re no longer able to hold a UK bank account.

  This is because, without a UK bank account, it’d be both impractical for you to hold an account with us as well against the terms of your NS&I Customer Agreement (terms & conditions).

  About your NS&I Customer Agreement

  Your NS&I Customer Agreement requires you to keep a UK bank or building society account open to be able to operate an account with us. If your bank closes your account – and you’re unable to provide details of another bank or building society account held in the UK – then you’ll no longer be able to hold an NS&I account. You’ll be unable to make further deposits or open any new accounts with us.

  What should I do?

  The advice each bank has given to their customers has varied, and not all banks have said whether or not they intend to close the accounts of customers living in EU countries.

  Therefore, we recommend that you check with your bank account provider in the UK to see whether they intend to close your account – if you’re still able to hold your UK bank account then you don’t need to do anything.

  However, if you’re no longer able to hold your UK bank account – or your provider intends to close your account – then you’ll need to let us know details of another bank account or building society held in the UK. The account will need to be able to accept payments made by BACS transfer.

  If you’re unable to provide details of another UK bank or building society account then you’ll need to decide whether you want to move money out of your NS&I account while it’s still practical for you to do so. Remember, if we’re unable to pay money to a UK bank or building society account, our only alternative is to send you a warrant (like a cheque), which could be costly to deposit into a non-UK bank account. For some NS&I accounts held, this would also have to be a one-off payment to close your account.

• Can I save with Premium Bonds?

  If you live outside the UK, please check if local regulations let you hold Premium Bonds. For example, the US has strict gaming and lottery laws which mean that it might not be possible or practical to hold Premium Bonds while in the US.

  If you're allowed to hold them, you'll need to apply first by post. Once your holding has been set up, you can register for our online and phone service.

  Register

  Once you're registered for this service, you can manage your holding online and by phone, including cashing in Bonds and buying more of them. You can also choose to receive prizes by BACS to a UK bank or building society account or an NS&I Direct Saver or Investment Account, with notifications by email. Bonds can only be purchased online or by phone using a personal debit card issued by a UK bank or building society.

  Any prizes you win will be paid in Sterling.

• Can I save with Green Savings Bonds?

  Yes. But you'll need a UK bank or building society account (or an NS&I Direct Saver or Investment Account) that can receive BACS transfers. We add your interest without deducting any tax. However, the interest is taxable so it will count towards your Personal Savings Allowance in the tax year that your Bond matures.

  Find out more about tax and savings

• Can I save with a Direct Saver account?

  Yes. But you'll need a UK bank or building society account (or an NS&I Investment Account) that can receive BACS transfers. The interest is paid without the deduction of tax. However, the interest is subject to UK Income Tax so if you're liable for UK Income Tax it will count towards your Personal Savings Allowance.

  Find out more about tax and savings

• Can I save with a Direct ISA?

  Yes but you should let us know if you stop being a UK resident, for tax purposes. No further deposits can be made into your Direct ISA, unless it's an inherited allowance account, until you meet the UK residency qualification again. The interest is free from UK Income Tax so if you're liable for UK Income Tax you don’t need to declare it to HM Revenue & Customs.

• Can I save with a Junior ISA?

  Normally, a child has to be a resident in the UK when a Junior ISA is opened for them. But a child who is a resident outside the UK can still have a Junior ISA opened for them if they are:

  • A UK Crown servant
  • A dependant of a UK Crown servant
  • Married to or in a civil partnership with a UK Crown servant

  If the child moves outside the UK (or stops meeting the Crown servant rules) after their Junior ISA has been opened, money can still be paid into the account until the child is 18.

• Can I save with Income Bonds?

  To receive the income from your Income Bonds you need to have a UK bank or building society account (or an NS&I Direct Saver or Investment Account) that can receive BACS transfers. The interest is paid without the deduction of tax. But the interest is subject to UK Income Tax, so if you're liable for UK Income Tax it will count towards your Personal Savings Allowance.

  Find out more about tax and savings

• Can I save with an Investment Account?

  Interest is added to the account without the deduction of tax. However, the interest is subject to UK Income Tax so if you are liable for UK Income Tax it will count towards your Personal Savings Allowance.

  Find out more about tax and savings

• What is the Common Reporting Standard?

  Please be aware of the Common Reporting Standard (CRS). This is a global standard for the automatic exchange of financial account information between governments around the world, to help fight against tax evasion and protect the integrity of systems.

  It asks all financial institutions, including NS&I, who operate in a CRS participating jurisdiction to gather certain customer information and report it to local tax authorities.

  Find out more about the Common Reporting Standard