Euro saving app similar to Chip etc

brasero

Hi,
Is there a € savings bank account app similar to Chip/Kroo etc ? 

Cheers
Nic 

cwep2

Not really for solely UK resident people - but a lot depends where you are based.

If you are EU based there are lots of options but rates aren't great, check out Bunq and Raisin.

If you are solely UK based, Revolut offers EUR Savings Vaults - although a lot of people recommend against Revolut for FCA protection reasons, the Vaults *are* covered by this up to £85k equivalent (held at Investec UK). Rates increase based on Tier which may be worth paying fees to upgrade to depending on deposit amount, I get 2.14% on Metal tier. Pros - can use it like a bank account with debit card for spending, make and receive payments from anyone etc. Cons - it's a bit clunkier and requires more clicks to get money into savings, may be fees for Eur transfers (depending on tier), no cash deposits.

Wise is a good alternative, they offer currently 3.37% this is held at Blackrock and invested in short dated EU Govt bonds so pretty safe although I don't think covered by FSCS £85k guarantee.

Interactive brokers also offers interest on balances above 10k, currently 2.91%, I think this is covered by US banking guarantee which is bigger than UK/EU one. This is really a trading account, not a savings account. 

For easy access, Wise probably has best interest rates right now for UK residents. I have seen EU resident accounts offering better than Wise but can't find them right now, but if based in the EU then probably several options I don't know about. I live in Northern Ireland and spend a lot in Euros (pretty much weekly) so tend to do FX when rates are good and keep balances in Eur for spending so have this problem myself. I tried to open Irish based savings but couldn't jump through all the hoops they tried to make me jump through, so I just stuck with Wise and Revolut. 

Futuristic

Above is good, we use Wise for EUR / USD. It's invested into blackrock money market funds in your name and has FSCS protection on the assets if Wise was to go bust.

https://wise.com/gb/interest/

Rates shown include all fees taken off already. 

Rheumatoid

Another vote for Wise. use it for all my Spanish DD's etc and an extra bonus to now get a decent rate on deposit - as opposed to getting charged on more than 3k which was recently the case!

SaveTheEuro

Rheumatoid said:

Another vote for Wise. use it for all my Spanish DD's etc and an extra bonus to now get a decent rate on deposit - as opposed to getting charged on more than 3k which was recently the case!

One frustration with Wise in Spain is the increasingly frequent "do you want to pay in euros or pounds?" It rarely happens with Revolut.

Rheumatoid

SaveTheEuro said:

Rheumatoid said:

Another vote for Wise. use it for all my Spanish DD's etc and an extra bonus to now get a decent rate on deposit - as opposed to getting charged on more than 3k which was recently the case!

One frustration with Wise in Spain is the increasingly frequent "do you want to pay in euros or pounds?" It rarely happens with Revolut.

I don't it for card purchases or withdrawing cash. Starling and Chase are better for that. The question regarding which currency to pay in seems to be more related to the outlet than to the card used for me. I get prompts with all of them on occasions. No biggy to make sure to pay in €