Onshore euro saving account

Little_bee

I'm looking to open a new savings account denominated in Euro.

I prefer the saving account to be onshore and to offer at least some interest rate. Most of the banks I have been in touch with request monthly fee and 0% interest rate.


Thanks!

Glen_Clark

Interesting thread.
The Queen wants to keep her face on our money, and the bankers want to keep fleecing us for changing it backwards and forwards, so their puppets keep trying to tell us what a disaster the Euro has been. But the facts indicate the pound has done worse. 1.6 Euros to the pound when the Euro was introduced, 1.25 now. 10 year bond rates 2.53% for the pound, 1.09% for the Euro Bund. - at that rate the bank has to give you 1.44% less than they would on a Sterling deposit account. No wonder the interest rate is negative.
PS: If you want an investment in Euros have you considered buying European shares through an ETF?

bowlhead99

Little_bee wrote: »

I'm looking to open a new savings account denominated in Euro.

I prefer the saving account to be onshore and to offer at least some interest rate. Most of the banks I have been in touch with request monthly fee and 0% interest rate.


Thanks!

I have my Euros at Citibank. They do a deposit account or a current account; neither pay interest at the moment. The current account is quite handy for holidays and business trips as I can link my debit card to either the Euro or GBP or USD current account in an instant online. I do pay a small fee out of the GBP account which qualifies me to not pay fees on the EUR or USD ones.

I seem to remember that if you only had the deposit account and not a current account it would be fee free, but I may be misremembering.

Eurozone interest rates are at all time lows (base rate is 0.050%) and so you would be lucky to find someone to operate you an account from somewhere outside the Eurozone (like the UK) and run their banking business - paying for employees, providing customer service, infrastructure etc with all funds instantly accessible on demand from anywhere in the world.... and still afford to pay you interest. If you were in France it would be a different story as banks could offer you a better rate in the hope of snagging more of your business, or you could use their equivalent of ISAs etc which only take limited subscriptions so they can afford to push the boat out on rates.

If you were willing to look offshore but still with a UK brand, Nationwide International do a 'Bonus Access' account at 0.4% pre-tax including a bonus rate, if you're saving EUR 5k or more. Lloyds International have similar at 0.5%