US Dollar savings accounts?

demonsaver

Ooh, my first thread...

I'm hoping, in a year or two, to be looking at buying a property in the US (probably Florida) and have been thinking about taking advantage of the (currently) good exchange rate by opening a US dollar saving account.

Ideally I'd like to access it over the web, not suffer any big penalties exchange rate-wise and get 4%+ interest, I've looked at moneysupermarket but would like to hear from people who've already done this, ta.

jonesMUFCforever

Interest rates on dollar accounts will be linked to the dollar rates in USA.
As their interest rates are lower (I think I'm right here) credit interest rates will be lower. If you don't have millions of dollars to bank I don't think you will get 4%

demonsaver

schucks - ta for that, I'll keep a-hunting.

Mr_Mumble

ejones999 wrote:

As their interest rates are lower (I think I'm right here)

They're higher thanks to the feds continual rises since mid-2004. 5% as of May 10th and likely to keep going up for the rest of the year.

Chrismaths

Actually, the market is split as to whether there will be one more rate rise this year or not.

[Deleted User]

demonsaver wrote:

I'm hoping, in a year or two, to be looking at buying a property in the US (probably Florida) and have been thinking about taking advantage of the (currently) good exchange rate by opening a US dollar saving account.

I would suggest some research/enquiries about Citibank accounts, as a starting point, as they are based in the US but also have a presence in the UK.

cheerfulcat

Nationwide International has a US dollar account with fair-ish rates.

Mr_Mumble

Sorry for going slightly OT here

Chrismaths wrote:

Actually, the market is split as to whether there will be one more rate rise this year or not.

Well we must have been reading different reports of what the market expects. Given the latest statements of Bernanke I'd be willing to wager my stated outlook is far more likely.

demonsaver

Thank you all, you've got me thinking.