The benefits of holding wealth in the UK

Nomo Bank

9 Feb 2022

The UK has one of the most prestigious and well-established banking systems in the world, with nearly 350 registered banks.

For centuries, London has played a central role in global banking, and UK banks are held to standards of high integrity and security by regulatory organisations such as the FSCS.

If you regularly spend time in the UK, owning a GBP bank account can be very useful – both for your day-to-day banking as well as achieving your long-term financial goals. The easiest way to do this if you aren’t a UK resident is by opening an online bank account in the UK.

Here are some of the potential benefits of holding your wealth in the UK:

Convenience

Whether you’re meeting friends for lunch in London, enjoying a relaxing stay in the British countryside, or going to see your favourite Premier League team, you want to focus on enjoying the experience, rather than worrying about your money.

If you’re using a foreign bank account while you’re in the UK, you may incur high fees for any payments you make. A UK-based GBP bank account can take away the stress and expense by giving you fee-free spending in GBP, and fast and free transfers to and from other UK bank accounts – letting you live life like a local!

Investments

If you’re looking to grow your wealth, there are plenty of investment opportunities to be found on British soil. Having a UK bank account can make it easier to explore exciting investment opportunities in the UK, which might be useful if you are looking to diversify your investment portfolio and save for the future.

If it’s real estate you’re interested in, getting a mortgage and buying property in the UK can provide healthy returns, and having a UK bank account can help in doing this.

Alternatively, online Fixed Term Deposit accounts with UK banks allow you to grow your wealth over a set period of time, with expected profit rates. They effectively act as online UK savings accounts So you can sit back, relax, and watch your wealth grow in the UK!

Security

If you’re looking to find a secure home for your wealth, then you should look no further than a UK bank account. UK banks also enjoy protection from regulatory organisations such as the FCA (Financial Conduct Authority) and FSCS (Financial Services Compensation Scheme), which protects deposits up to £85,000 should anything go wrong.

A UK bank account can also provide more stability to your finances, because GBP is one of the world’s most secure and trusted currencies. The pound is backed by the Bank of England, whose aim is to maintain monetary and financial stability in the UK.

How to open an online bank account in the UK

For non-UK residents, the many benefits of UK bank accounts can make you jealous that you don’t have one!

The good news is that residents of Kuwait can now open a UK bank account through Nomo and enjoy offshore Islamic banking opportunities.

Nomo is a UK-based digital bank account that lets you access the prestigious British banking system – even if you aren’t a UK resident!

Here are some of the benefits you get with a Nomo account*:

● FREE spending in GBP

● FREE debit card to use while you’re in the UK

● FREE cash withdrawals in the UK

● FREE transfers to and from UK bank accounts

● LOW, transparent fees for international transfers

● UK investments in GBP and USD through Fixed Term Deposits

● FSCS protection on deposits up to £85,000

● Instant online spending with your virtual debit card

● 24/7 control of your account through your app

● Multilingual support (English and Arabic)

It takes just minutes to apply for a Nomo account, and you can complete your application from your smartphone!

Download the Nomo app and apply for an account today!

*Provided minimum balance met. For more information, please see https://www.nomobank.com/fees