# Sterling account Ireland



## delfio (30 Dec 2017)

I have £50,000 sitting in an UK bank account earning .20% interest rate. I live in Ireland, is it possible for me to open a sterling account in Ireland where the interest rate would be something better that I am currently receiving .  My intention is to keep it until sterling  recovers somewhat. I am aware it could even fall further but I have no immediate need for the money so I am prepared to wait.


----------



## Brendan Burgess (30 Dec 2017)

Why would you expect higher rates on a sterling account in Ireland?  I would imagine that they would be lower if anything. 

Where do you eventually intend to spend that money? If in Ireland, just move it over and forget about it. 

Brendan


----------



## delfio (30 Dec 2017)

I have no plans for it currently.


----------



## Lightning (30 Dec 2017)

delfio said:


> is it possible for me to open a sterling account in Ireland



Yes, most Irish banks offer GBP accounts. 



delfio said:


> where the interest rate would be something better that I am currently receiving



KBC possibly offer the best GBP rates here. Still pittance. KBC pay 0.50% AER fixed on a 1 year GBP term deposit from 2k to 1.5m. Rates here. 



delfio said:


> I have no plans for it currently.



Are you likely to have GBP expenditure in the future? Will you be moving back to the UK? If the answers are no then don't take FX risk and convert to euro.


----------



## Gervan (30 Dec 2017)

I don't think you'll get a good sterling rate in Ireland.
You could put the money offshore (will have to declare this to Revenue in next tax return). Best offshore rates   https://moneyfacts.co.uk/offshore/offshore-fixed-rate-bonds/
Basically, non-risky interest rates are low everywhere


----------



## Ravima (4 Jan 2018)

*
You could put the money offshore
*
It IS ALREADY offshore - its in UK.


----------



## delfio (4 Jan 2018)

I think I will keep it in the UK for a while, see how brexit goes.


----------



## IsleOfMan (5 Jan 2018)

CiaranT. I will be cashing in some Sterling shares in the near future, about €30k. Can I open a Sterling account with the Sterling cheque that I receive from my stockbroker or must I put it through my Irish account first? Thanks


----------



## Lightning (6 Jan 2018)

You will need to check with the bank if they will (1) let you open a GBP account and (2) accept GBP cheques. Some banks do both. 

Do not lodge the GBP cheque into your EUR account because you be charged high FX fees.


----------



## Susie2017 (12 Nov 2018)

Hi. Im also looking for a place to put sterling savings. The moneyfacts link doesnt work. Any suggestions welcome please. The money is currently with permanent tsb earning nothing. I am open to an offshore account, one that is easy to set up /access.


----------



## Susie2017 (13 Nov 2018)

Anyone any suggestions or should I just convert to euro ....thought sterling might go up in value after Brexit eventually


----------



## Ravima (13 Nov 2018)

IOM =Stockbroker will probably keep it for you in the hope that you will be reinvesting in the future.


----------



## Lightning (14 Nov 2018)

Susie2017 said:


> Hi. Im also looking for a place to put sterling savings. The moneyfacts link doesnt work. Any suggestions welcome please. The money is currently with permanent tsb earning nothing. I am open to an offshore account, one that is easy to set up /access.



Why is it earning zero at PTSB? PTSB pay interest on GBP accounts.


----------



## Lightning (14 Nov 2018)

Susie2017 said:


> Anyone any suggestions or should I just convert to euro ....thought sterling might go up in value after Brexit eventually



Ones savings should be kept in the currency they will ultimately spend the money in. If you will spend your savings in EUR, then your savings should in EUR to avoid FX risk.


----------



## Susie2017 (15 Nov 2018)

The interest in ptsb is close to zero. I intend to import a car in a couple of years time so will keep the sterling for now. Is IOM isle of man. Any suggestions as to the bank. A year term account or even two year account would do.


----------

