Regular offshore savings: how we can help

Using a move abroad to buy a house back home

The situation: making the most of a move abroad

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Andy worked for a large international organisation in London when he was offered a fantastic opportunity to move to Italy for 10 years to head up a new office.

Because his skills were needed in the Italian marketplace, Andy had a generous tax exemption — leaving him with €1000 per month more than he needed day-to-day. He also received a housing allowance of €800 to pay for his London flat, which had been rented out and was self-financing.

For Andy, it was a great opportunity. Saving this money would leave him with enough to buy a house when he came back to the UK.

What he needed: a flexible savings account

"I knew I didn’t want to tie my hands too much," Andy recalls. "I wanted access to my money in an emergency, or if another opportunity came my way."

After talking to Lloyds TSB International, Andy decided on an International Bonus Saver Account. He chose a euro account with competitive rates of interest and an introductory bonus rates for the first 6 months.

"The Bonus Saver Account gave me the flexibility I needed. I could pay into it each month knowing that I was getting a good interest rate — and if something cropped up I could access it any time without penalty. Telephone banking was a great help too," Andy says.

Other services: easy day-to-day banking

Lloyds TSB International was also on hand to help Andy with his day-to-day banking needs while he was working in Italy.

"My International Account was just like my bank account back home," Andy says. "I used it for everything, from phone bills to pizzas."

Ongoing help: advice on currency conversions

Andy returned home after a very successful time in Italy. He had put aside €1,800 almost every month, and with interest payments his savings came to over €250,000.

As he had saved in euros, Andy spoke to Lloyds TSB International about converting the money into sterling. He ended up taking his time — ensuring he exchanged his money at a favourable rate.

The people and their circumstances portrayed in this case study are for illustrative purposes only.