Euro Bank Account in UK for Coronavirus: what do you suggest?

ranierus

I have this problem.

I have an euro account with an online bank. I want to move to a standard bank.

Now i'm a bit worried because i've read that this account is not fully protected.

As you know standard banks are protected up to 85K pounds.

So i wanted to move my savings to 2 euro bank account in UK.

I know that some standard banks allow you to have an euro account.

I've read also that if i open more than a bank account in a short time my credit score will go down.

What do you suggest me to protect my money?

mwarby

Starling would be one option, being an app based bank I'd think maybe easier to open than some others(they're not going to ask you to a branch to show id for instance)

ranierus

mwarby said:

Starling would be one option, being an app based bank I'd think maybe easier to open than some others(they're not going to ask you to a branch to show id for instance)

Thank you!
I see that Starling is an Euro Account. But if Starling fail, they will reimbourse you in pounds.
Do you think that is the same with every UK bank that offers euro account?
If they fail, you will be reimboursed in pounds?

Thrugelmir

Protection would be in £. At the prevailing exchange rate at the time of default. 

hermante

You don't have a credit score in the UK, and even if you did, why do you care unless you want a mortgage in the next 6 months? And surely keeping your money safe is more important than possibly getting declined by 1 more out of 100 mortgage lenders who doesn't like the fact that you just opened an account?

colsten

Getting a mortgage in the next 6 months might be impossible for entirely different reasons, anyway,,,,,,,

ranierus

hermante said:

You don't have a credit score in the UK, and even if you did, why do you care unless you want a mortgage in the next 6 months? And surely keeping your money safe is more important than possibly getting declined by 1 more out of 100 mortgage lenders who doesn't like the fact that you just opened an account?

I have a credit score in UK (i live here from 2018), but why are you telling me about mortgage? I don't plan to buy an house, i'm just renting.

Right now, my only problem is to protect my money.

I'm a bit worried about platforms  that i use for business, i mantain some of money of them, but now, not sure about the future...

Thrugelmir

You can open a Euro account with any mainstream High St bank. May need to open a £ account as well. Expect the account to come with a service charge. Likewise as the ECB charges banks for overnight deposits at 0.5% pa. You'll be charged this as interest on your deposits. 

ranierus

Thrugelmir said:

You can open a Euro account with any mainstream High St bank. May need to open a £ account as well. Expect the account to come with a service charge. Likewise as the ECB charges banks for overnight deposits at 0.5% pa. You'll be charged this as interest on your deposits. 

Thank you for your answer!
Yeah, if you mean a charge for the currency exchange, is normal.
My question is: i will be charged for something if you send a bank transfer from an online platform to the Euro Account?
Obv any bank as different rules, but generally i don't imagine will be a charge for mantaining the euro in the account, what do you think?

Thrugelmir

Some banks have a monthly account administration fee on their currency accounts, irrespective of the balance held. 
UK banks have no need of customer  € deposits. 

Chino

ranierus said:

I have a credit score in UK (i live here from 2018), but why are you telling me about mortgage? I don't plan to buy an house, i'm just renting.

Probably because you said:

I've read also that if i open more than a bank account in a short time my credit score will go down.

The only reason you might be concerned about the affect opening a current account might have on your credit history would be if you were hoping to take out a significant loan. Such as a mortgage.

As a matter of interest, did you read this from literature produced by a bank or from "the internet"?