Savings account abroad?

Dragonista

FWIW a standard savings account in Singapore only gives 0.01%-0.1% (this can go up to 0.4%) interest even for a citizen. The UK really don't know how good they've got it.

OCBC offers the higher rate in their monthly savings account. But you must not make withdrawals to get the higher rate otherwise it reduces to 0.1%. See here: http://www.ocbc.com/personal-banking/Accounts/monthly-savings-account.html

Investments are a better bet in my opinion, although much higher risk. Singaporeans are encouraged to save this way.

(I live in Singapore)

gozomark

innovate wrote: »

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.

Absolutely, but I was answering the question about countries offering £ accounts :-)

Any bank in any country in the world offering, say, 5% on £ savings would suggest either the bank or the country has problems.

Dragonista

Do you want an offshore account then? As opposed to an overseas one?

Mishomeister

Dragonista wrote: »

Do you want an offshore account then? As opposed to an overseas one?

Would definitely consider if the return is good enough

innovate

Offshore or overseas, ain't really make any difference. Interest rates for GBP deposits will be aligned to BoE interest rates (only lower), and no FSCS guarantee.

swift1_2

Just did a search and found this thread, as I'm looking to do the exact same. I imagine their will be lots of folk who are in a similar position who have hard earned savings and wish to just get a decent or even just keep up with inflation.

I'm out of shares for now, as talk of fed tapering, no doubt the stock market like a coke addict going cold turkey is going to throw some almighty tantrums - which it needs too, so it can come out the other end all smelling of roses - just my personal view.

Australia is looking good with savings rates of around 4.5%.

However, I think the fundamental flaw with this is the exchange rate fluctuations. Just looking at the chart over the past decade shows quite a lot of variation which will not only negate any returns but may end up in a capital loss should you need to retrieve your capital.

Maybe buy-to-let a better option?

grey_gym_sock

why does there have to be a single answer? why not have a bit in shares, a bit in bonds, and so on. a bit in BTL is also fine, providing you have enough money that BTL can be done with a smaller part of your money. it's when ppl put everything in BTL that it becomes risky.