Do I have to be living in the UK in order to use Freetrade?


(James White) #1

Hi All,

Hoping some one can help with this:

Do I have to be living in the UK with a UK address to hold a savings account and or ISA with FreeTrade? I might have an opportunity to move to Cayman next year an HSBC (current ISA) won’t let me keep my account open with them.

I know i won’t be able to pay in any extra funds into the ISA whilst living abroad but wondered if i could keep the ISA open with FT.

thanks


(Vladislav Kozub) #2

When opening ISA, you must be a UK resident (have lived for 183 days within the UK or more).

However, should you leave the country after the ISA is open, you must inform your ISA provider of your residence change and you will no longer have the right to contribute.

Nevertheless, you may keep your ISA, all existing contributions and tax-free benefits. If you return to the UK, you can then start contributing to your ISA again (once you have lived for over 183 days within one fiscal year).


(James White) #3

Thanks @Vlad for the details, i wonder why HSBC won’t let me keep the account open! Another reason to transfer everything over to FreeTrade once ISA’s are ready to go!

thanks


(Vladislav Kozub) #4

They are! :wink:


(Alex Sherwood) #5

Vlad’s nailed it here, there’s just one of thing to bear in mind when you move abroad - you’ll need to have a UK bank account open (& linked to your Freetrade account), in order to withdraw cash from your Freetrade account.

Have a good time :beach_umbrella:


(James White) #6

Nice one @alex.s, i will be renting out the house and still have an account in the UK for that so no problems there!

Thanks for confirmation and the additional details.