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Short term £20k savings, UK or Germany?

uktyler
uktyler Posts: 872 Forumite
in Savings & investments
We have (hopefully) sold our house in the UK, and will have £20k left over. We will be renting over here until we find a decent prperty to buy in Germany. We want to save the money, is it best to put it in a savings account over here, or in Germany?

We need instant access, interest rates seem to be better over here, but the exchange rate looks to be dropping against us.

Any ideas?

Comments

  • Beate
    Beate Posts: 3,522 Forumite
    Part of the Furniture Combo Breaker
    Over here interest rates are much higher!
    Reclaimed thanks to this site:
    £175 Abbey Mortgage Repayment Fee, £170.03 Capital One Bank Charges £418.07 Lloyds TSB Bank Charges, £2,671.55 Mis-sold Endowment Policy, all for OH
  • uktyler
    uktyler Posts: 872 Forumite
    Beate wrote: »
    Over here interest rates are much higher!


    The rates over here are better, but the change in exchange rates has wiped this out, and more.

    Is the exchange rate going to continue its current trend?
  • bengal-stripe
    bengal-stripe Posts: 3,358 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    uktyler wrote: »
    Is the exchange rate going to continue its current trend?
    In the last year you certainly would have gained holding the money in Euros. Never mind 3% vs 6% interest rate.
    The Euro has gained about 15%.

    Will that trend continue?.........Wait for Mystic Meg to drop by.
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