Savings account abroad?

kidmugsy

The Met Office is so wedded to the idea of Global Warming that I expect a Little Ice Age soon. That argues against investing in "Norway, Switzerland, Canada" which leaves Australia. The Aussie dollar will presumably fall as China enters recession, so .....

Can one get any interest in the Singapore Dollar?

Mishomeister

innovate wrote: »

LOL, where have I said which countries do OK? Though I do admit, I don't think it needs Moodys to make me realise that not all might be well in Greece or Cyprus. Your average financial journalist, or even blogger, usually are well ahead of the Rating Agencies in assessing the state of the nations....

If you seriously think about investing, or even just saving, somewhere Moodys say is ok, I urge you to do a bit more research.

But do you honestly feel that the countries I have quoted above are less financially stable than UK which is the point I am trying to make(that they aren't). And if they aren't. I seriously do feel that even if there isn't an equivalent of FSCS it is still more secure to keep money in the bank account of for example HSBC Swiss Division than investing in to stocks and shares over here.(where you still wouldn't get a FSCS protection hence it is shares)

badger09

My son is in Hong Kong so I thought I'd have a peak at savings rates there :eek:

http://www.hsbc.com.hk/1/2/hk/investments/mkt-info/deposit-rates/interest-rates


Also stumbled on this, which might be of more 'interest' to OP

http://www.deposits.org/savings-accounts.html

innovate

Mishomeister wrote: »

But do you honestly feel that the countries I have quoted above are less financially stable than UK which is the point I am trying to make(that they aren't). And if they aren't. I seriously do feel that even if there isn't an equivalent of FSCS it is still more secure to keep money in the bank account of for example HSBC Swiss Division than investing in to stocks and shares over here.(where you still wouldn't get a FSCS protection hence it is shares)

Did you do any research yourself before you started out with this thread? E.g. why on god's earth would you want to put your money into Switzerland when you can get next to zero % interest there? And why into Norway, when you can get more interest in the UK, with full FSCS protection, and without currency risk?

If you are seriously sticking to the "money is safer over there because Moodys rate the country higher" argument, you need to think the entire thing to its logical end and emigrate to there.

Mishomeister

innovate wrote: »

Did you do any research yourself before you started out with this thread? E.g. why on god's earth would you want to put your money into Switzerland when you can get next to zero % interest there? And why into Norway, when you can get more interest in the UK, with full FSCS protection, and without currency risk?

If you are seriously sticking to the "money is safer over there because Moodys rate the country higher" argument, you need to think the entire thing to its logical end and emigrate to there.

This thread was started for a purpose of the research so someone who has been for example recently to say Australia would write here:

'I've been recently to Australia and I've seen them offering savings rates over there of 5.5%. The name of the bank is ABC'

I am also no implying that is is safer there I just disagree with you saying that it is SIGNIFICANTLY safer in the UK that in the other developed Western economies.

There is also not necessary would be currency rate risk as there are many countries where you can open an account in Pound Sterling

innovate

Mishomeister wrote: »

I am also no implying that is is safer there I just disagree with you saying that it is SIGNIFICANTLY safer in the UK that in the other developed Western economies.

well, I maintain that it is, for UK citizens. Do you understand what's involved in claiming under a passport agreement, as opposed to claiming under the FSCS guarantee?

Mishomeister wrote: »

There is also not necessary would be currency rate risk as there are many countries where you can open an account in Pound Sterling

which countries and accounts are those?

gozomark

innovate wrote: »

which countries and accounts are those?

Malta
Hong Kong
Australia
Singapore
to name a few

innovate

gozomark wrote: »

Malta
Hong Kong
Australia
Singapore
to name a few

Thanks, and what are the accounts?

gozomark

HSBC have banks in all of these

innovate

You still haven't said what the accounts are. Therefore there is no information about the interest rates.

I would suggest that the interest rate you get if you hold GBP in a non-UK account is governed by the UK interest rates, not by the interest rate of the home currency in the country you hold the account in. The banks are likely to pay you a much lower interest rate than you can get in the UK since they need to cover additional costs.

Plus you do not have any FSCS protection - if you are lucky, there is a passport scheme that would apply. And if you are even luckier, the passport scheme might pay out if needed.