England or germany

dizzyhead_2

Hi I wondered if anyone can help. We have £50,000 saved in the HSBC which we plan to use as a down payment on a house this year but with inflation as it is am wondering if I should transfer this money to my German bank account which is in Euros? Will it make more? Will it still be worth the same? Is it worth doing this?

opinions4u

dizzyhead wrote: »

Hi I wondered if anyone can help. We have £50,000 saved in the HSBC which we plan to use as a down payment on a house this year but with inflation as it is

What do you mean by this? House price inflation? Consumer prices? Rising / Falling / High / Low? Why do you think inflation in different countries with different currencies is relevant to a short term savings decision?

am wondering if I should transfer this money to my German bank account which is in Euros? Will it make more? Will it still be worth the same? Is it worth doing this?

If you are buying the house in £s and not €s, why would you transfer the money in to a foreign currency? You'll have to pays fees to change it and fees to change it back. If exchange rates are favorable to your timing you might do very nicely, but if you transfer money now, and the Euro weakens by 20% against the pound, £10k of your savings vanish.

Stick it in the best paying easy access savings account you can find in the currency that you intend to purchase the property with.

Reaper

My opinion is you are best avoiding currency speculation unless you are planning to spend the money in Europe in the future.

The Eurozone has been looking weak recently and there is no guarantee the Euro won't decline against the pound.