Euro savings account

njrb

I worked in Ireland for a year and set up a Revolut account, which is where my salary was paid into in Euros. Now back in the UK, my plan was to keep my Euro savings in Revolut for my 'holiday fund' so I didn't need to pay to convert it. Interest in Revolut is not great but I've also just seen in Which Magazine that they don't protect your money as well as other banks and as I have a decent amount in there it has made me nervous. Not to lose out having to pay conversion fees, I was wondering if anyone knows if other online financial providers such as Wise or Starling are the same or do they protect your money more? Or is it just safer for me to convert to Pounds and then move it into my UK saving account?

Any advice would be appreciated. Thanks

fonesaver

I think you have posted in the wrong forum.... Starling is a bank so you are fully protected up to £85k (although their Euro account does not pay interest). So far as I know Wise is not a bank (like Revolut although they in the process of becoming a bank).

PRAISETHESUN

You're probably best converting the EUR to GBP and then transferring it to a UK-based account with FSCS protection. EUR accounts generally pay no or very poor interest, so if your goal is to save then GBP accounts will probably be the better option.

I personally recommend against Revolut in general since I've had a few bad experiences with them, and the general tune on the forum is that their customer service is rubbish. I'd recommend Wise to do the currency conversion from EUR to GBP, just don't keep any money with them long-term since they also don't have FSCS protection. Once converted move the money to somewhere that pays better interest. Otherwise if you have to keep the money in EUR, then Starling is probably a good choice. Alternatively, you could look to any Irish accounts you might still be eligible to open that offer protection under their equivalent protection scheme.

(I've also reported this asking for it to be moved to a more suitable location)

MSE_ForumTeam5

Moved as suggested