Savings Account in Euro, in a European bank?

bowlhead99 wrote: »

I assumed you were saying that you wanted to 'protect' your savings by putting them in a foreign currency so that when your assumption that Brexit would go wrong came true, and the pound crashed in value compared to other currencies, you would have preserved the value of your spending power.

Yes, this is my principal concern.

If what you mean by Brexit going badly wrong is not merely that we fail to get decent trade agreements while the country goes into recession and the pound loses its purchasing power; but also that all the banks close down, there's civil war on the streets and so on, then you are perhaps right that having Euros in the UK won't 'feel very clever'. You should have put them overseas, safe from the government / safe from the anarchist uprising.

My concern is a Northern Rock type scenario, where just through bad luck it's the particular institution I've gone with that goes under, and then the government go down the line of saying it'll be x number of months before I see my money again. We're dealing with a government who lie about basic points of fact.

However, how will you get to your Euros that you tucked away in a foreign bank overseas, when Brexit has gone so badly wrong that the restrictions on freedom of movement prevent you crossing the Channel and entering the Eurozone country of your choice? Masonic is right that you should probably pack your bags and get out now, to be on the safe side.

I do not anticipate that type of scenario playing out.

Or, perhaps you need to be serious about what might 'go badly wrong' and how the UK and European financial system might cope and what rights you might practically lose over your bank accounts. Presumably if the UK is looking to restore its credibility after a badly- implemented Brexit, it won't start by confiscating assets, removing depositary protection on UK bank accounts etc, as that would destroy faith in the UK financial system and people would pull cash out of their accounts and store it under their mattresses; a sound financial system, regulatory environment and rule of law are a few things that the country actually has going for it.

This depends on what are motivation behind those driving Brexit. I don't want to go down that route, best to keep in the realms of possibility - if it truly bad, there's probably nothing we can do!!!!