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Euro Savings Accounts in the UK
isotonic
Posts: 3 Newbie
Is there an easy way for a UK citizen in the UK to save in euros, eg a euro savings account with an Irish building society. There are many foreign banks and building societys in London, and it might be possible to open one in a physical brancch. I will be spending money in the eurozone and as the pound is likely to weaken in the near future against the pound, I would like to start saving in euros.
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Comments
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Most of the UK high street majors offer a UK based euro account as long as you have a sterling account with them.
And most of the foreign banks will let you open a euro account at a UK branch. And many offshore banks will let you open a euro account.
Charges vary, but for example barclays allows free withdrawels and transfers in euro, and 'free' transfers to you sterling account - (at a rate that favours them). With charges for non-bacs ect.
Main thing is to deposit into the account in EUROS, if you can.0 -
I'm toying with the idea of a Euro a/c. (but not immediately for travelling purposes). Thanks.0
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Does anyone have any hints on
1) savings accounts with a decent rate, - If the interest rate is zero or less than the likely fall of the pound against the euro it doesn't make much sense
2) safety of money held in euros, through a UK branch of a foreign bank0 -
Offshore Euro account search:
http://www.moneyfacts.co.uk/offshore/default.aspx
It gets much less competitive below EUR5K.
Compensation schemes:
Isle of Man: 75% of first £20K (or currency equivalent, I assume)
Guernsey: none
Jersey: none
Northern Rock Guernsey: 100%
Watch transaction charges - typically to transfer out of the UK/IoM/Gu/Je it'll cost £20 a time. Euro transfers within the UK may be free, but there aren't too many Euro accounts in the UK. Look for SEPA payments - new Europe-wide payments system coming in with lower costs.
Google 'European Savings Tax Directive' for the tax situation0 -
Thanks caliston. I am looking throu the https://www.moneyfacts.co.uk site and its more complex than I thought. For example Anglo Irish in the Isle of Man are " unable to accept applications from individuals who are resident and domiciled in the UK"0
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