Best way to protect £50,000 - convert to Euros pre-Brexit?

JJAM

So, I have about £50,000 sitting idly in a Halifax savings account with a wonderful 0.01% interest rate. I may well need to dip in and out of it at short notice so haven't gone for any of the rather desultory rate fixed savings accounts. I'm very mindful that Brexit will hit the pound very hard. Would I just be best off converting most of this money to Euros and have it sit in a Transfer wise (or similar) account? I'm a bit clueless about what to do otherwise. 

dipsomaniac

Why euros?

xylophone

And you could get better than 0.01%.
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

Another_Saver

Why euros?
This is just currency speculation. Your £50k is FSCS protected. If the £ tanks that won't make your £ worth less in £. £50k = £50k.

csgohan4

not to gamble

Albermarle

I'm very mindful that Brexit will hit the pound very hard.

Speculating on currencies is best left to the whizz kids in the City . 

In fact probably most of the loss of the Pounds value already happened in the days after the referendum , so you are about three and a half years too late .

If you do not need this money in the near future then you should put it in a fixed rate savings account or premium bonds.

If you will not need it for a few years then you should consider investing it or topping up your pension.

[Deleted User]

What are you talking about?
£ value is directly linked to how much U.K. aligns with EU. 
The less it aligns, the less £ is worth in the world. 
As had been evidenced every day since 23/06/16  by FX movements .

csgohan4

ZingPowZing said:

What are you talking about?
£ value is directly linked to how much U.K. aligns with EU. 
The less it aligns, the less £ is worth in the world. 
As had been evidenced every day since 23/06/16  by FX movements .

So do you feel lucky?  certainly not protecting your money is it?

Albermarle

ZingPowZing said:

What are you talking about?
£ value is directly linked to how much U.K. aligns with EU. 
The less it aligns, the less £ is worth in the world. 
As had been evidenced every day since 23/06/16  by FX movements .

You are right that you can largely follow the state of the negotiations over the last four  years by following the £/€ rate . 
However the variation over the last few years has been nearly all between €1.10 and €1.15 , so not that much compared to the drop of 20% in 2016 ( higher at one point) . So I maintain that the largest effect on the £/€ rate already  happened then, and not through the protracted negotiations since. I guess a no deal will push it down further but unlike the OP was talking about I wouldn't put a £50K bet on it .

diggingdude

If you have money sitting in a 0.1% account then you probably shouldn't be taking any risks with it as you are already making mistakes 

wizzards

I would pop it in the premium bonds.    Then your cash is maybe earning nothing but so far from my own experience its quite a good place for someone not sure at least your original sum is safe.  Only downside setting up an account with NS&I for some has been a hurdle. 

Some things to think of :-

1. If you had Euros and want to spend them then in the UK then its a pain. 
2.  Using transferwise for that amount is not necessarily the most cost effective currency broker.  You could consider someone like Torfx to change the cash.  If the Brexit hits the pound hard then it may bounce as well.  
3. If you going to live and work in the UK what's the advantage of holding EURO
4. What do you want to do with the cash long term.  Is it rainy day money or your life savings for retirement etc.