Help Saving my Windfall

amathus

I have come in to a small windfall and would like to put it away for a rainy day. I have a UK bank account but live in Cyprus. Having looked around for the best rates of interest I find that I would need to be a UK resident to open any of the accounts. Does that mean that I am stuck with Lloyds TSB and no alternative. I am not willing to take this money to Cyprus as I would loose far too much on the exchange rate. Does saving £12,000 really have to be so difficult? Any help or advice would be greatly appreciated.

ReportInvestor

Hi Amathus and welcome to the site ,

If you are stuck with Lloyds it might be best to consider their fixed rates (at least they can't cut them ).

They are not the best, I admit. But you can get 4% or more and they do Term Deposits for 4% (6 months) up to 4.3% (3 years).

So you'd "only" be losing around £100 pa by not being resident in the UK & at least you'd be beating inflation while taking no exchange rate risks.

EdInvestor

Have a look at the rates on offshore savings accounts

amathus

Many thanks for all the help. I think for now I will stay with Lloyds.