# Is now the time to open a Sterling Acc in Permanent TSB



## Happy Girl (9 Dec 2010)

With all this talk about the possibility of default in the next couple of years would now be a good time to open a Sterling account with Permanent TSB. My thinking is if Ireland defaults and all savings in Irish/Foreign owned banks operating within Ireland are converted to "An Punt Nua" surely my sterling account would benefit from conversion from sterling to "An Punt Nua" as I would get more "Punt Nuas" for my sterling than from my Euro. What are people's views on this idea? Also if I do open a sterling account with PTSB what would be the best way to transfer funds into it by way of lump sum. I have the money currently in my PTSB current account but dont know if I would be hammered on exchange rate as I have nothing to compare it to.


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## machu (9 Dec 2010)

what interest rate does ptsb offer on its sterling,dollar accounts  or do they charge you for the priveledge ?


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## Happy Girl (9 Dec 2010)

machu said:


> what interest rate does ptsb offer on its sterling,dollar accounts or do they charge you for the priveledge ?


 
They practically do charge you for the privilege alright. Rates below
[broken link removed]
Rang them this morn and asked as of today what exchange rate would I get for exchanging my euro for sterling to lodge to account. Rate quoted .8191.


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## Kev (9 Dec 2010)

I feel if ireland leaves the Euro the best option then would be to go back to sterling again for a while until the country has sorted itself out.  We were using sterling a long time ago forget the date now but it is time to go back to it again.  At least money would stay in ireland considering the UK interst in ireland's economy such as  supermakets and banks ect.....


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## machu (9 Dec 2010)

The Australian Dollar interest rates they are quoting look in youre link look tempting.


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## jb724 (9 Dec 2010)

just a question along that line.I have a brother who is legally resident and living in Australia. Would it be of any benefit to give my savings (circa 20k) to him to open an Australian account. (I trust him not to do a runner dont worry!!) Like a lot of people these are my lifes savings and I dont want to see them obliterated if we devalued soon or in 3 years.
thanks


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## Lightning (9 Dec 2010)

machu said:


> The Australian Dollar interest rates they are quoting look in youre link look tempting.



Remember that AUD rates are higher because their Australian central bank has a much higher base rate.



jb724 said:


> just a question along that line.I have a brother who is legally resident and living in Australia. Would it be of any benefit to give my savings (circa 20k) to him to open an Australian account. (I trust him not to do a runner dont worry!!) Like a lot of people these are my lifes savings and I dont want to see them obliterated if we devalued soon or in 3 years.
> thanks



It's not advisable to share a bank account with your brother especially if it is not in your name.

Why not open an AUD account over here?


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## jb724 (9 Dec 2010)

so i suppose the question is the same as previous..would it be worthwhile/safe to open an AUD account with PTSB as was asked?


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## Lightning (9 Dec 2010)

Safe, in the short term? Almost certainly yes, state guaranteed and the government are getting IMF funding. 

Safe, from a possible EUR conversion into "new punts"? Yes, AUD would not be converted as it is held with a sub custodian/agent outside the state. 

Safe in IL&P? Irish Life are well funded, PTSB are dependent on over 8 billion from the ECB for liquidity. 

Safe, if you think the Irish state will default? Uncertain, depends on the way the state defaults if it happens.


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## jb724 (9 Dec 2010)

so why not send it to Australia then? They are not due to default nor depending on ECB..as i said Im not worried about giving it to my brother to open in his name on my behalf (I know where lives  )


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## ecoman (10 Dec 2010)

it wont matter if the australian dollar depreciates, it could wipe out all interest. Thats the risk you take. You need to be careful on that


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## Lightning (10 Dec 2010)

jb724 said:


> so why not send it to Australia then? They are not due to default nor depending on ECB..as i said Im not worried about giving it to my brother to open in his name on my behalf (I know where lives  )



Because having your assets under someone elses name is not a smart thing to do.


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