Barclays Treasury Deposits Account

talksr

Good afternoon money savers. I have a lump sum in my bank account and I would like to put it into some kind of savings account.

One of the accounts I found on my searches was a Barclays Treasury Deposits Account.
http://www.barclayswealth.com/international/savings/long-term-savings/treasury-deposits.htm
I have not heard of this type of account before, but from what I can gather, it allows you to save your money in a different currency and therefore obtain a different rate of interest on it.

Does anyone have any knowledge on this sort of account, how it works, and if it is worth using?

I am looking to transfer around £30k, currently living with parent, wanting to save as much as possible before I get my own place.
I have no idea when I will move out so don't want to lock my money away for more than around 6 months to be on the safe side.

Any suggestions or help would be really useful

opinions4u

You will probably lose around 10%-12% of the value of your money each and every time you change it from once currency to another.

Stick your money in to an easy access account paying more than 2.75%. The AA, ING and Tesco usually have good rates available and so do some of the high street banks (online).

calypso_rhapsody

If you are saving your money for a house deposit in the UK it makes sense to keep your funds in sterling. Unless you really know what you are doing with currency speculation it is a good way to lose money! Opinions advice is right - unless on reflection you think you can keep your money tied up for a year?

I have read - though do not know if it is true - that fixed term ISAs must allow you to get your money out early - probably with a penalty. In any case you should use up your ISA allowance for this year and next!