what is the best way to save in Dollars? Is there an

The_White_Horse

account I can save £50 a month or so in, that automatially converts the savings into dollars?

Many thanks

Radiantsoul

I am guessing you are after some sort of offshore banking. I guess the fees would be large. One risk is you are not covered by the financial service guarantees.
Are you expecting the dollar to rise and to gain from that, or is there another reason you are looking for dollar savings?

The_White_Horse

just as a hedge against the pound

kidmugsy

See whether one of the banks - e.g. HSBC, Barclays - will open you an account in USD.

Jegersmart

The_White_Horse wrote: »

just as a hedge against the pound

What will £50 per month hedge?

J

The_White_Horse

i didn't say that i would actually put in £50 a month. in any event, if someone is saving £100 a month - and you put £50 in sterling and £50 in dollar equivalent, then you are hedging if your sterling savings suddenly plummit against the dollar. better to have $500 than £350 that is worth only $100 isn't it?

grey_gym_sock

is the $ an absolute measure of value?

Jegersmart

The_White_Horse wrote: »

i didn't say that i would actually put in £50 a month. in any event, if someone is saving £100 a month - and you put £50 in sterling and £50 in dollar equivalent, then you are hedging if your sterling savings suddenly plummit against the dollar. better to have $500 than £350 that is worth only $100 isn't it?

Actually you did say that, but never mind.

Are you exposed to the USD in some way?

J

The_White_Horse

i said £50 or so.

anyway, all i want is a savings account in dollars. that is all.

merlingrey

Technically buying gold is buying dollars.

Example if gold is trading at $1700 and the conversion is $1.57 to the £ then:
1700 / 1.57=£1080 an ounce.

Suppose you buy £1080 of gold today and the dollar improves against the pound so much that $1 =£1 if you paid $1700 (£1080) then it would be worth £1700.

In reality it would depend though on if it really was dollar strength or pound weakness, pound weakness would be good for gold, but dollar strength might not be as good.

Jegersmart

The_White_Horse wrote: »

i said £50 or so.

anyway, all i want is a savings account in dollars. that is all.

The point I am getting at is "why"?

Do you have exposure to the USD?


J