Some advice please

lcpm

Hello,

I was working abroad for a few years in a country where the currency is pegged to the dollar and managed to save up some money (about $16,500). When I came back to the UK last year, I put it in an Citibank dollar savings account because I thought it would be a good idea to keep it in dollars until the exchange rate improves.

It's now about a year later and the interest rate on my Citibank account has dropped to 2.25 gross p.a. Obviously, the exchange rate hasn't improved at all (although it hasn't got much worse either).

I know it's impossible to predict exchange rates, but I was just wondering what other people might do. I personally can't figure it out. Would you stick with the low interest rate in the hope the dollar strengthens, or would you cut your losses and put it all in a higher-rate savings account?

I'd be grateful for any insights.

Thanks and all the best.

emma396

could u move your dollars to an account paying higher interest?

lcpm

Most dollar accounts seem to have similarly low interest rates, otherwise I agree that would be the best plan.

Many thanks to you both for your advice.