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Have Procedures Changed For The Better? Opening Swiss Bank Accounts
By Mike | September 5, 2010
Have all the procedures involved in opening Swiss Bank Accounts become less tedious and troublesome over time? What exactly is needed to be done in opening one, and what are the processes that need to be undertaken? Apparently, before we had the means to do anything online, such an undertaking used to require a lot of work and waiting, having to deal with mountains of applications and forms, an inordinate waiting time for international procedural red tape, and tons of money. The way it used to be, you had to employ the aid of bank officials primarily involved in international banking who’d not even give you the time of day unless you were a multi-millionaire, and of course, you’d need a sizeable sum of money for an initial deposit.
But if you have, say, £10,000 - £100,000 to ‘park’, what is the latest state of play?
Well, let’s look at National Savings. We have ignored Premium Bonds, as the prize fund pays the equivalent of 1%, and perhaps could now be looked at in the same way as the lottery. Of course, there is the chance to win big with a £1m jackpot, as well as many smaller amounts each month.
Please note that all the following rates are quoted gross, and if you are a higher rate tax payer you will be hit hard with 20% at source tax to pay and a further 20% on your tax return. If you are a basic rate payer then the 20% at source only applies.
If you are a non tax payer then complete form R85 to receive any interest gross.
The NS&I easy access account currently pays a very low 0.3% to 0.7%. Compare this to the rates mentioned below.
Other options, which are tax free, are fixed interest savings certificates paying 1.25% TO 2.25% over 2 or 5 years. The index linked certificates are only paying 1% above inflation, and since this is minus at present you simply receive 1%. Of course, if you think that inflation will rise sharply, you could consider this option.
There was a huge amount of funds invested with NS&I whilst the stability with the banks was a huge issue, and many people fled to safety. However, with things settling down somewhat, it seems that because the rates on offer from NS&I are poor the same people are now leaving.
So, where are they going with their money?
Well, savings rates with banks and building societies have risen. For example, on easy access accounts, ING offers 3.2%, and ICICI Bank UK has a fixed rate for 3 years at 4.6%. On shorter terms, the Post Office has a rate on a 1 year bond of 3.85%.
There has to be a way that all of this can be done much less complicatedly, and now, these days, there is. We don’t any longer need any go-between people to do any of what needs to be done for us, and in directly dealing with international banks online, the amount of paperwork needed has become wildly decreased.
As things are heading when people are living to 150 their family tree may well spawn hundreds of beneficiaries, but on the other side of the coin these beneficiaries may be impossible to trace due to the lack of proof.
Improvements in web based and computer records are helping trace people faster and cheaper than ever before, but a considerable amount of management of data is required to find the correct people and prove their inheritance via official records.
5. Young girls are having babies in and out of wedlock - in their teens rather than twenties or thirties and this adds to the difficulty of tracing beneficiaries. Where male beneficiaries become fathers early on, and later go on to marry a different partner and have more children!!!- confused already?
The Financial Tips Bottom Line
Having written this article, the rates mentioned will be out of date pretty soon, so make sure that you keep up to date and move your money if it pays to do so.
ACTION POINT
Work out what you typically save (and how often) to come up with a strategy for your savings.
If you have money invested in a deposit account, check what rate you are getting and compare it against what’s available in the market
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