Foreign Savings Accounts

vigman

I hope this is the right section, but can anyone tell me if, or how, you can invest in foreign savings accounts with higher rates of interest than ours?

TIA

Vigman

Voyager2002

Start off by finding a country with higher real interest rates than we have. When I lived in Colombia my bank offered 17 per cent on peso denominated deposits. I was about to change everything into pesos and invest, but I asked about the annual inflation rate. "Oh, only about 22 per cent now" was the reply.

You then need to establish legal residence in order to be able to open an account. After that, just watch the pesos piling up, and enjoy feeling rich until you try to do anything with them.

laffer

The problem the OP will face will come when he needs to convert back to £££. So although you might be earning a higer rate of interest you need to be consistently conscious of the exchange rate movements.

vigman

Voyager2002 wrote: »

You then need to establish legal residence in order to be able to open an account. After that, just watch the pesos piling up, and enjoy feeling rich until you try to do anything with them.

Do all countries require residence before allowing savings accounts to be opened or do some welcome foreign investment??

TIA

Vigman

Farway

Don't forget UK tax will also be payable if resident in UK

isofa

Also consider the protection available /"how safe is your money" element, what if the bank does under (not so unlikely in these turbulent times)?