Moving money from UK to IE. What safe product to move the cash to?

AileenWalsh

Registered User
Messages
16
Say you have a bunch of cash in UK deposit accounts that you want to move to Ireland as a Brexit protection measure...
The cash is supposed to be used to buy a house in the near future... where would you do move the cash to?
  • Irish bank deposit accounts have very poor interest
  • The stock market is too risky right now
  • In a current account, you are afraid of the sum not being covered by the bank guarantee
Any idea apart from the state saving products?

Thanks
Leave it in the UK for the now as i think you have left it a bit too late by now
 

cremeegg

Frequent Poster
Messages
3,043
This is my central argument, Sterling has lost value consistently since the 1950s
My reading of your graph in post 16 would be that between the late 1960s and 1975 Sterling lost heavily against the Dollar. Since then it hasn't moved too much from the 0.6 level.
 

cremeegg

Frequent Poster
Messages
3,043
Leave it in the UK for the now as i think you have left it a bit too late by now
And you know this how ?

If the OP intends to buy a house in Euro I suggest that he or she transfer the money now.

Because it brings certainty, not because I know anything about future exchange rate movements.
 

Drakon

Frequent Poster
Messages
373
Deposit rates aren’t just low in Ireland, they’re low across the Eurozone.
Mario Draggi leaves the ECB after eight years at the helm. In that time he hasn’t raised the ECB rate. His successor, Christine Lagarde, is cut from the same cloth. There could be another eight years of the ECB rate at rock bottom.
It’s a bad time to be a saver. It’s a good time to be a borrower.
I’m on a tracker mortgage for a house purchased towards the end of the Celtic Tiger. My mortgage repayments are half of what they were in 2007. I’d love another eight years of rock bottom interest rates.
If I were you, I’d make hay and buy that property in the next twelve months.
 

NoRegretsCoyote

Frequent Poster
Messages
807
If you want to buy a house, buy a house.

Cash on deposit in Ireland nets you basically nothing.

Cash spent on a house means you have a house to live in.

The short-term economic outlook isn't going to change this arithmetic much.
 

Drakon

Frequent Poster
Messages
373
I used to have shares and cash in the USA in an account that I've had for about 30 years. Over time it's got more difficult to have that account. The security put in place has been a nuisance and the soundings of US tax policy makers suggest it'll be more difficult in the future to hold that account.
Oh, and they regularly do clear-out of accounts that don't meed the minimum balance, which I'd been teetering on.
Last year I sold all the shares (bar one holding, long story, won't go into it here) and used it to move/buy a house.

In a way the decision had been half made for me by an external party. I'm glad I went with it.
 
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