Euro account in the UK

london.cidade

https://moneyfacts.co.uk/banking/offshore-bank-accounts/euro-bank-accounts/

Looking at the list above seems that few banks offer a Euro account. I would like to diversify my cash, that`s why willing to have a Euro account.

any advice/experience with the banks here in the UK, seems that no interest paid at all. or do I have any other safe options to hold some money on Euro account offshore? thank you

NottinghamKnight

Why do you want/ need to hold euros?

Thrugelmir

With the ECB setting negative interest rates. UK banks aren't interested in holding Euro deposits. 

Another_Saver

You could use an investment product like VETY, but with a yield of -0.2% over a 10.2 maturity and fees of at least 0.11%, you're guaranteed a loss in euro terms.

Mickey666

Thrugelmir said:

With the ECB setting negative interest rates. UK banks aren't interested in holding Euro deposits. 

Indeed.  And now that the EU is about to lose its 4th highest contributing member state, who knows how that may weaken the Euro?

Thrugelmir

Mickey666 said:

Thrugelmir said:

With the ECB setting negative interest rates. UK banks aren't interested in holding Euro deposits. 

Indeed.  And now that the EU is about to lose its 4th highest contributing member state, who knows how that may weaken the Euro?

Eurozone banks aren't in the greatest of financial health. Highly exposed with lending to dirty industries. Disclosure on climate change risk lags well behind. 

colsten

Thrugelmir said:

Eurozone banks aren't in the greatest of financial health. Highly exposed with lending to dirty industries. Disclosure on climate change risk lags well behind. 

Unlike HSBC, for instance.

colsten

london.cidade said:

https://moneyfacts.co.uk/banking/offshore-bank-accounts/euro-bank-accounts/

Looking at the list above seems that few banks offer a Euro account. I would like to diversify my cash, that`s why willing to have a Euro account.

any advice/experience with the banks here in the UK, seems that no interest paid at all. or do I have any other safe options to hold some money on Euro account offshore? thank you

Why would you want to hold cash in a foreign currency for investment purposes?

Thrugelmir

colsten said:

Thrugelmir said:

Eurozone banks aren't in the greatest of financial health. Highly exposed with lending to dirty industries. Disclosure on climate change risk lags well behind. 

Unlike HSBC, for instance.

Being in HK has major advantages. Going to be China's financial hub. 

JohnWinder

Transferwise. Not sure it's a bank, but you can have your feet in UK and have Euros in an account with a lot lower charges than any listed in your link.

colsten

JohnWinder said:

Transferwise. Not sure it's a bank, but you can have your feet in UK and have Euros in an account with a lot lower charges than any listed in your link.

Transferwise is not a bank. Excellent for currency transfers, but there is no FSCS protection. Definitely not a place to keep any money in for other than transient purposes.

The key question remains: Why would you want to hold cash in a foreign currency for investment purposes?