A lot of people coming to the United Kingdom try to save as much money as they can for when they have to return back home and hopefully they would have enough to start a decent life wherever they are from. This page is to try and help you make those important financial decisions and answer a few complicated questions you need answering.

Savings Account - You can either get a standard savings account in your name or an additional savings pocket in your bank account. Speak with your local bank about savings and they will suggest an account that is suitable for you. Do not be afraid to shop around and do not be bullied into staying loyal to one firm when it comes to your money.



NS&I Premium Bonds – You can obtain a lot more information of this type of account by popping into your local Post Office branch. The NS&I Premium Bonds works slightly different. You need at least £100 to open an account and you do not gain interest, instead you will be entered into a draw and could win up to £1 million pounds each month tax free. There are a lot of prizes each month, not just one lucky winner and the lowest amount you can win is £50.

Mini Cash ISA – This account allows you to save or to invest up to £3000 tax-free in the financial year and still gain interest on it. You can also withdraw from the account whenever you need to. All they require from you is £10 to open an account.

Sending Money Back Home – This is probably the easiest thing to do in London. You can send money to a bank account in any other country by using services such as 1st Contact. To be honest, they were the cheapest that I could find. Their fees are anything from £5-£10 per transaction so make sure you send enough at once . Avoid using your local bank to send money overseas as their fees are quite high. You can also use Western Union but I am not sure on how much they charge to send money overseas.

Saving the Pennies - A lot of people that live in London will have a lot of pennies lying around the house that they do not want to carry with them. A way to start saving is to throw all those unwanted pennies in a jar or pringle bottle. You can then take that bottle to a cash machine in any of the big supermarkets such as Sainsbury’s or Asda. Those machines will take your unwanted pennies and give you vouchers you can use in store when you do your groceries.

Getting a Bank Account: This step can be a challenge for some people, a ride in the park for others. I did not have a bank account for 6 months because I was being stubborn and well, out of a job. There are companies in the UK that will help you set up a bank account for a small fee or you could do it yourself for nothing but a little effort. I took the cheap way out but some people do not want to struggle. Well let me tell you about both your options.

You are not going to get a bank account if you do not have a job whether it be permanent or temporary. You will need a Utility Bill with your name on it or you might just get away with it by getting your landlord to write a letter, would be best if he/she has an account at the same bank. This does not always work and really depends from bank branch to another, believe it or not. A letter from your employer stating that you work there with your home address on it will not hurt either. All you need to do now is go into a bank branch and speak to them about opening a bank account. Should they reject you, then try another bank branch.

Want to take the easy route? Ring up 1stContact and see what is required to open a bank account. Last time I checked, they charge £35 to open the bank account for you. In most cases they will get you a basic bank account where they give you a cash card and nothing more, which will probably do if you do not intend to stay here long term.

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