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Help Saving my Windfall
amathus
Posts: 2 Newbie
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.
0
Comments
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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.0 -
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Many thanks for all the help. I think for now I will stay with Lloyds.0
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