Ulster bank 1 Year Sterling Acount

B

blueeyes

Guest
Hi

I have 100,000 Euro to invest and am considering opening an Ulster Bank 1 Year
Fixed Ac in Northern Ireland. It pays 3.1%.
I have concerns about the future of the Euro and deposits with Institutions which operate in the State.
Would opening a sterling ac in Northern Ireland answer some of my concerns ?
 
If you are concerned about the future of the EUR, then of course having your savings in GBP removes the EUR currency risk.
 
Thanks for your reply.
Do you think is it safer to have a Sterling Ac with Ulster bank Northern Ireland than having a sterling ac in the state ?
Thanks
 
Hi Blueeyes

Im not sure of the answer to your question but im just wondering if you go to the north to invest your money I asume you are converting your €100,000 to punts sterling.

Todays rate is 1 EUR = 0.858634 GBP which means you will have 85,863 pounds sterling invested for 1 year.

This seems quite riskey to me as nobody knows what the exchange rate will be in 1 year or whenever you want to convert it back to euro. the euro could drop in value alot over 1 year.

im sorry as this is no answer to your question but its all thats stoping me from taking my saveings across th border to. Maybe im missing something here??
 
Currency exposure is a problem also having a sterling account with Ulster in the south is not worthwhile as they pay 0% on their sterling deposits.
 
Thanks for your reply. I am more concerned about the State freezing bank accounts in a default situation than currency risk from holding a sterling ac in Northern account. Also I would like to diversify out of the euro. I am not sure if account with Ulster Bank Northern Ireland is the answer.
Thanks again
 
You must log in or register to reply here.
Back
Top