GBP or Euro or something safer

newlandlord555

Relying on income from GBP interest in UK bank as I live cheaply overseas. Worry that my income will be affected if the GBP crashes with the possible near future political chaos in the UK ....or do I just read too much news!?
Anyway what would be a safer alternative to keeping gbp in the ISAs in UK bank. If I change it to euro and keep it in revolutbor something similar?.... I will not get the same interest.
Thank you for any investment suggestions.

wmb194

newlandlord555 said:

Relying on income from GBP interest in UK bank as I live cheaply overseas. Worry that my income will be affected if the GBP crashes with the possible near future political chaos in the UK ....or do I just read too much news!?
Anyway what would be a safer alternative to keeping gbp in the ISAs in UK bank. If I change it to euro and keep it in revolutbor something similar?.... I will not get the same interest.
Thank you for any investment suggestions.

You're probably worrying too much; where do you live? Why don't you invest it there and earn interest in the currency you spend day to day? 

Expats tend to have problems opening accounts in Britain but you could look at offshore options e.g., Lloyds International and Skipton International in the Channel Islands offer current and savings accounts in multiple currencies.

PRAISETHESUN

If you're worried about exchange rate risk then the safest bet would be to convert it into your local currency now, moving it into a local high interest savings account.

As an aside, I'd also suggest checking if an ISA is appropriate considering you live overseas. In my experience, the tax advantages ISAs offer in the UK usually don't apply to foreign tax bodies and you end up paying tax on your ISA savings anyway. Given that, you could probably get a better return by moving it to a higher interest non-ISA account.

I'd also definately avoid Revolut specifically. They have only limited FSCS protection, and a have a reputation for poor customer service. They are okay until something goes wrong, but then good luck getting in touch with some to help, especially if you are overseas.

jimjames

Whichever currency you move it to you'll have the same exchange rate risk if it's not the one you're spending in

dont_use_vistaprint

Do you qualify for an HSBC Premier /  jersey dollar account ? Also you likely cannot contribute further to you ISA or SIPP while abroad if your not paying uk tax

Albermarle

The news has a tendency to the gloomier/pessimistic/sensationalist/ BS side.

Good news doesn’t sell papers/ get clicks 

wmb194

On a five year basis it’s not that weak. Were you able to survive the last time it, “crashed”?

newlandlord555

Thank for all the helpful comments. I am still a UK resident so pay tax although I'm out of country most of time. My ISAs are all well and good at the moment , however I'd like to diversify it as all eggs in one basket ain't too smart. Gold is an option .
I also dont like holding too much in these Internet banks as its all computerised and could easily crash and no way to get cash back out. No option to exchange it into foreign currency as I move between countries a lot. 
I will look into the Channel Islands banks ....could I hold in euros there and still get some interest on it!
And yes maybe I'm worrying too much and maybe its just the Internet stoking fears of a bampot government possibly winning power.

newlandlord555

jimjames said:

Whichever currency you move it to you'll have the same exchange rate risk if it's not the one you're spending in

True but Im specifically concerned about GBP with the possible prospect of a nutjob gov in the nearish future. More confidence in the Euro or Ch franks. 

Albermarle

newlandlord555 said:

Thank for all the helpful comments. I am still a UK resident so pay tax although I'm out of country most of time. My ISAs are all well and good at the moment , however I'd like to diversify it as all eggs in one basket ain't too smart. Gold is an option .
I also dont like holding too much in these Internet banks as its all computerised and could easily crash and no way to get cash back out. No option to exchange it into foreign currency as I move between countries a lot. 
I will look into the Channel Islands banks ....could I hold in euros there and still get some interest on it!
And yes maybe I'm worrying too much and maybe its just the Internet stoking fears of a bampot government possibly winning power.

It is nearly 4 years to the next election, so I would not be organising my finances on the basis of what might happen then .

I also dont like holding too much in these Internet banks as its all computerised and could easily crash and no way to get cash back out.

Every bank is near enough an internet bank nowadays. I bank with Nationwide and do everything on my phone, and I presume at their HQ everybody is dealing with numbers on a screen, not handling cheques or actual notes.
In fact the bigger older banks are struggling with old software and the one that had a big problem was TSB.
As long as a bank is covered by the FSCS £85K , then you will get your money back at some point, if anything happened.