Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Opening a Foreign Bank Account
Cotta
Posts: 3,667 Forumite
Is it possible and safe for a UK resident to open a bank account within another country to avail of better interest rates?
0
Comments
-
You really do need to be more specific. Which country, what type of account, connection with that country (if any), EU or non-EU (to the extent that that may still be relevant).0
-
What are your objectives?0
-
-
Comparing the various central bank rates globally, it is rather tempting to consider opening a savings account in Brazil or Russia in the pursuit of 7% APR. Perhaps that's what the OP has in mind?: )0
-
After youFlobberchops wrote: »Comparing the various central bank rates globally, it is rather tempting to consider opening a savings account in Brazil or Russia in the pursuit of 7% APR. Perhaps that's what the OP has in mind?
0 -
May be, may be not. The OP may have plans to shift not just money but also themselves to a different country? Or just spend the money in a different country?YorkshireBoy wrote: »The starting point would be to cover the cost of currency exchange, both in and out.
0 -
....or he could be a money launderer?0
-
Some of the potential pitfalls are covered in this thread: https://forums.moneysavingexpert.com/discussion/5838916/can-i-open-a-savings-account-abroadIs it possible and safe for a UK resident to open a bank account within another country to avail of better interest rates?0 -
Turkey was paying as much as 20%. I have an acquaintance who was sold the idea of going to live there, investing £100k and living off the interest.
The trouble is the rate of depreciation of the currency may wipe out all the gains.0 -
Some of the potential pitfalls are covered in this thread: https://forums.moneysavingexpert.com/discussion/5838916/can-i-open-a-savings-account-abroad
Thanks and good points made within the link.
What I was basically looking for was a viable alternative to help my savings to increase in an era of diminishing interest rates.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards