emergency advice!

[FellatioNelson]

I have rather a lot of money sitting in my current account at the moment. It is more than DH and I are protected against losing if the bank goes bust. I need to move some to more than one new account in a range of different 'financial groups' asap, especially with the euro crisis pending I am becoming a bit paranoid!

Here is my situation:

About to move abroad in a matter of days. Sold our old house, bought another as an investment, put the remainder of our equity into existing bank account.

Need to keep British bank account open for practical reasons, and return visits, DDs for utilities on investment house etc, so have transferred the address on existing bank account to my mother's, (with full permission and knowledge of the bank in question) so she can forward any important paperwork.

Am currently living in my new house but have not been here long enough to have sufficient 'proof' that it is my address in the UK.

Can only open an account in my own name as my DH is already living abroad and cannot be here to co-sign account opening documents.

DH is happy for me to transfer money into accounts opened in my name only. Current account is joint, so I can do that no problem.

DH doesn't want to transfer the money into our new foreign bank account because we will lose through FX rates apparently.

I tried to open an account with a building society the other day and they would not allow me to do it as I do not have sufficient proof of being a UK resident with a permanent UK address. How the fuck do people who flit from home to home manage this? A savings account would be sufficient, I don't need a current account!

[Alouiseg]

Loving the Tena Lady shares :o

[FellatioNelson]

Yes I think that is the reasoning MNP. But coupled with the fact that I don;t have enough of a paper trail at this new UK address yet. But PBs and GBs are the answer in the short term I think, just to get the money separated up a bit.

[HonestlyBanking]

The basics of investment are very simple. Decide your risk and timescale and how much you can live with price volatility. Get the asset allocation right, i.e. decide which bits you are going to invest in, Bonds, uk equities, overseas, alternatives (art, gold etc), property, cash etc. Diversify diversify diversify (don't put all your eggs in one basket) and then do it as cheaply as possible. Careful with expensive funds etc. Look at the total expense ratio, not just the annual charge. Don't pay big commissions.

If you have large amounts of cash sitting in your current account, move it today. Even to a savings account paying nothing as you are better protected from fraud.

There are banks that can handle the offshore thing, not being in the UK etc. Good quality Private banks do this all the time. St James Place are not a full on private bank, despite their glossy marketing. Depending on where you are going you mike be able to open an overseas account with a UK bank - and they can transfer your credit rating etc (helps with getting credit cards abroad etc)

FX. You loose every time you change. If you have income in one currency and outgoings in another you are going to have to change money. There are some good brokers. Commission free is a complete con.

If you need better steers EM us direct.

Good luck!

Honestly Banking