# Indo: How to Open a Non-EUR Deposit Account Inside Ireland



## Lightning (12 Dec 2010)

The Sunday Independent have a well researched article today on how to open USD and GBP accounts in Ireland:



Some interesting quotes:

*BOI are offering good GBP rates in NI :*



> Bank of Ireland's one-year fixed sterling account pays 2.8 per cent interest, while its two-year fixed account pays 3.5 per cent interest.



*Investec are now offering retail AUD accounts with a good rate:*



> Investec's 12-month fixed currency deposit accounts pay 1.1 per cent interest on US dollars, 1.85 per cent on sterling, 5.75 per cent interest on Australian dollars and 0.55 per cent interest on Swiss francs.



*HSBC Ireland offer GBP and USD accounts but are subject to large minimum balances:*



> HSBC Private Bank's interest rates depend on the amount of money on deposit, the currencies chosen -- and how much money is saved in each currency, and the term of the account. Its basic deposit rates are usually between 0.5 and 1 per cent -- but interest rates of between 3 and 5 per cent can be available depending on the product and term.



*Avoid NIB if you want a return:*



> National Irish Bank's currency accounts don't pay any interest.



*On non EUR account protection:*



> Is my money safe if the bank I lodge it with goes bust?
> 
> Any money you have on deposit in a non-euro currency gets the same protection that it would if in euro.



And a strange comment from AIB:



> "The use of such accounts for purely speculative purposes would be discouraged."


----------



## galleryman (13 Dec 2010)

pstb have Stg£, CAD$, USD$, AUD$ deposit accounts also.


----------



## sixshooter (13 Dec 2010)

Hi Ciaran T,
What happens to if you have a Sterling account with BOI (for example) and Ireland pulls out of the euro and creates the "punt nua". Does Sterling account remain Sterling or is it converted to the "punt nua" and thus risk depreciation?


----------



## farmerette (13 Dec 2010)

sixshooter said:


> Hi Ciaran T,
> What happens to if you have a Sterling account with BOI (for example) and Ireland pulls out of the euro and creates the "punt nua". Does Sterling account remain Sterling or is it converted to the "punt nua" and thus risk depreciation?


 
the 64 k question


----------



## Lightning (13 Dec 2010)

sixshooter said:


> Hi Ciaran T,
> What happens to if you have a Sterling account with BOI (for example) and Ireland pulls out of the euro and creates the "punt nua". Does Sterling account remain Sterling or is it converted to the "punt nua" and thus risk depreciation?



Most likely, even almost certainly, GBP would not be converted. It would be almost impossible for the government to convert non EUR balances. 

Most likely, only EUR domiciled in Ireland would be converted into An Punt Nua. That's if, and it is still a big if, Ireland exit's the EUR. 

(The impact to GBP deposits, in Irish banks, if there is an Irish sovereign default is a different story).


----------



## ardmacha (13 Dec 2010)

However BOI in NI have recently transferred its routine deposit business to the UK deposit insurance scheme, so the account in the original post would have some protection against the disappearance of the bank.


----------



## apple1 (14 Dec 2010)

folks,

visited Santander, Progressive and Halifax in Ni yesterday and all accept ROI citizens to open non resident Stg accounts.  Santander advise that you have access to a NI address merely to receive the paperwork but are otherwise fine with ROI residents.  The other two mentioned accept photo id and utility bills from ROI addresses and can set the a/c's up instantly.  Interest rates all approx 3% for amounts around 50K.


----------



## Lightning (14 Dec 2010)

Thanks for sharing this info. 

How would you "set up a NI address" for Santander?


----------



## apple1 (14 Dec 2010)

Hi Ciaran,

The bank employee asked if I knew of anyone in Northern Ireland whose address I could use and who wouldn't mind passing on the relevant documentation.  Their new a/c registration process apparently requires the entering of a NI or UK postcode.  As long as you can use this address for the initial correspondence and produce a passport, they're fine with it.  The a/c address can then be subsequently changed according to the employee.  May be too much hassle for most and with BOI's rates @ close to 3 and some of the other building societies (Progressive) offering similar rates without the need to access a NI address, they would look better or more accurately more hassle free options to most.


----------



## Lightning (14 Dec 2010)

I am surprised that Santander allow that kind of arrangement. Sounds like a lot of hassle, when there are easier options for ROI residents opening GBP accounts in NI.


----------



## Silvera (15 Dec 2010)

CiaranT said:


> I am surprised that Santander allow that kind of arrangement. Sounds like a lot of hassle, when there are easier options for ROI residents opening GBP accounts in NI.



Hi CiaranT,

Have you experience of using other NI banks?

I'm considering opening a NI stg acc in the near future (most likely with Ulster Bank).


----------



## Lightning (15 Dec 2010)

Silvera said:


> Hi CiaranT,
> 
> Have you experience of using other NI banks?
> 
> I'm considering opening a NI stg acc in the near future (most likely with Ulster Bank).



Hi Silvera, 

I have no personal experience of opening a GBP account in NI, I don't have any deposits in NI. However, I know several people who went to NI recently, to open a GBP account. They all choose Ulster, and none of them have had an problems.


----------



## centrewest (6 Jan 2011)

CiaranT said:


> Hi Silvera,
> 
> I have no personal experience of opening a GBP account in NI, I don't have any deposits in NI. However, I know several people who went to NI recently, to open a GBP account. They all choose Ulster, and none of them have had an problems.


 
Hi CiaranT,
forgive me for being forward, but i'm strongly considering opening an account with Ulster Bank in NI, do you still hold the same view as above a number of weeks later.
regards,
CW


----------



## Lightning (6 Jan 2011)

centrewest said:


> Hi CiaranT,
> forgive me for being forward, but i'm strongly considering opening an account with Ulster Bank in NI, do you still hold the same view as above a number of weeks later.
> regards,
> CW



Which view? That GBP in NI would not be converted into EUR? Yes, I still have that view.


----------



## Deleted member 58475 (12 Jan 2011)

Ciaran,

I have an NIB Euro term deposit account earning 3% - just for the record, it is also covered by the Danish guarantee.

Secondly - can anyone give advice as to where I could open a term deposit account in Canadian Dollars, but NOT in Ireland.


----------

