Savings Account For Expats

danbatch wrote:

Hello one and all.

Recently been looking at setting up long term savings.

Currently I have a revolut account but not quite sure I trust them enough right now to hold money in volume and for a long period of time.

What I would like is a secure truthworthy way to save, that has little to no penalties on withdrawing. That is easy enough to pay in and withdraw. Has no tax implications or at least not going to cause to much of a head ache. I will be paying minimal into this when opening. And I don't even need to have any or high interest. I will just be paying into this monthly.

I don't really want to work with a local bank here in Malta as they are a pain in the ass. And also I'm likely not going to be in Malta within the next couple of years.

I'm not sure if it's worth looking at a UK bank?

Any suggestions and advice would be great.

As far as I am aware, most UK banks will not allow new savings accounts to be set up by anyone residing in a foreign country.
Whilst I have always had my doubts about Revolut and their charges. I have found Wise, formerly Transferwise to be very reliable and straight forward. I have accounts in GBP, USD and Euros with dozens of other currencies available which can be accessed instantly on line but of course they are not interest paying savings accounts.

I'd also not be too keen on Revolut, however that said Maltese accounts are now actual bank accounts and covered by the usual guarantees if you opt into the bank account (I think new accounts all are)

I'm from Colombia, I'm starting to study English in Malta in February 2022, I want to open a savings account in Malta, what do I have to do?