Top Interests on Foreign Currencies (e.g. Euro EUR, Dollar USD, etc.)

Marco_L

I am looking to get the highest interest rate paid for keeping Euros and Dollars in a bank account for UK residents, any suggestions?

I am not coming to the table empty handed, I can share that Revolut currently pays 0.95% on USD for premium users (and no interests for EUR)

If possible, I would like this post to become a repository of updates on interest paying accounts for Foreign Currencies.

I am personally very interested in Euros and Dollars accounts, any further suggestions please?

[Deleted User]

May have changed but Revolut didn't have a UK banking licence, so wouldn't recommend for savings in any currency. 

Marco_L

Deleted_User said:

May have changed but Revolut didn't have a UK banking licence, so wouldn't recommend for savings in any currency. 

True, in fact the savings account is actually held by flagstone bank for USD dollars

adindas

Think about how you get your money out in Euro or US Dollar

You could only withdraw it limited amount in Eurozone.or in the US using Card.

https://www.revolut.com/legal/standard-fees/

Free withdrawals up to 5 ATM withdrawals or £200 per rolling month (whichever comes first), then a fee applies. That fee is 2% of the withdrawal, subject to a minimum fee of £1 per withdrawal.

You could transfer it to Euro account free of charge, but for this you will also need a proper euro account. You use revolut to get zero fee exchange rate and trasfer it to a proer Euro account, wherever you could withdraw Euro/US dollar it like any other accounts.

[Deleted User]

Marco_L said:

Deleted_User said:

May have changed but Revolut didn't have a UK banking licence, so wouldn't recommend for savings in any currency. 

True, in fact the savings account is actually held by flagstone bank for USD dollars

Never heard of Flagstone bank and their own website says clearly that Flagstone is not a bank.

info_maniac

ICICI Bank UK has a USD term deposit (6 months to 5 years), but you have to open a USD current account with them first (and this is not advertised on their website), you need to go to a branch to open the USD current account, after that the USD term deposit can be opened using online banking: 

https://www.icicibank.co.uk/en/personal/savings-accounts/fixed-rate-savings-account/supersaver-term-deposit-account

masonic

You could consider a short-dated government bond or money market fund of the appropriate currency, held in an investment account, if you wanted exposure to the currency. The yield on these is likely to be more attractive than a bank offering (e.g. around 4% for US treasuries).

Marco_L

masonic said:

You could consider a short-dated government bond or money market fund of the appropriate currency, held in an investment account, if you wanted exposure to the currency. The yield on these is likely to be more attractive than a bank offering (e.g. around 4% for US treasuries).

Hi Masonic, where would I get that? any link to banks etc?

masonic

Marco_L said:

masonic said:

You could consider a short-dated government bond or money market fund of the appropriate currency, held in an investment account, if you wanted exposure to the currency. The yield on these is likely to be more attractive than a bank offering (e.g. around 4% for US treasuries).

Hi Masonic, where would I get that? any link to banks etc?

MSE has a guide for S&S ISAs here: https://www.moneysavingexpert.com/savings/stocks-shares-isas/
It's worth taking your time to do some research. Both on investment platforms and options for suitable funds. There have been a couple of other threads discussing specific fund choices, so you may be able to search these out.

subjecttocontract

I've had an account with BankInter in Spain for over 15 years (we have property  in Spain) and have never found any Euro savings/deposit account with any Spanish bank at any time to be worthwhile. Having said that, interest rates have been very low for most of that time except for the 2008 crash when they jumped up for a short while.

Given the current volatility things may be about to change.

ivormonee

Marco_L said:

I am looking to get the highest interest rate paid for keeping Euros and Dollars in a bank account for UK residents, any suggestions?

I am personally very interested in Euros.

I haven't come across, or am aware, of any Euro account of any type paying interest anywhere.