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Transfer Money to a sterling account?

  • 17-01-2009 1:35pm
    #1
    Mont
    Banned (with Prison Access) Posts: 482 ✭✭


    I have 10k in an Ulster Bank Deposit Account with a crappy interest rate - around 2.5% Gross. Q is should i better off transferring to a sterling account now that sterling is weak against the Euro as surely Sterling will rise in the future. Anyone know if this is possible with banks and is it worthwhile?


Comments

  • #2
    Show_me_Safety
    Closed Accounts Posts: 280 ✭✭Show_me_Safety


    you can open a sterling a/c with any bank in ireland.
    not sure if they pay interest on it.

    why not just move your money to a higher interest rate account?

    taken fom http://www.ulsterbank.ie/ri_01a.asp?id=PERSONAL/SAVINGS_INVESTMENTS/INSTANT_ACCESS/PLUS

    eSavings Plus - 5.50% AER* variable (includes a 6 month introductory bonus of 0.50%)
    Interest paid monthly
    Instant access - No notice required, however no interest will be paid in any month where a withdrawal is made.
    Minimum opening balance of €15,000 (maximum €1m)


  • #3
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    Sterling interest rates are lower than ECB rates (1% versus 2%). You probably won't make as much interest on a sterlin account - even if you can open one. You might make a bit if the value of sterling bounces back up in a few months - but that might be a bit of a risk.


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