UK Bank Interest rates for deposit accounts

abnormalnorman

Hi,

Wondering whats the Interest rates for deposit accounts with UK banks?

Iv got an old (possibly dormant) Bank of Scotland account from when I used to live in Scotland 10 years ago.

Would it be worth resurrecting this account again and put 40k in it, for better interest rate returns?

Gettin nothing here in Ireland, and dont want to get into any investment schemes either , as may need the money in 2-3 years .

Would I need a UK address to do this?

coylemj

While that sounds like a conservative approach, it is anything but. Because you would be fully exposed to the currency risk with money in a UK savings account. All it needs is for the Bank of England to start cutting interest rates (faster than the ECB) in an attempt to kickstart consumer spending and you're in the red, regardless of what interest rate you're getting.

JTMan

https://www.boards.ie/discussion/comment/121021664#Comment_121021664

Opening a GBP account can be done without being UK resident.

Lightyear pay 4.50% on GBP accounts with instant access and 20k (EUR equivalent) protected.

Wise.com pay 3.12% on GBP accounts.

Trading212 pay 2.00% on GBP accounts.

ColemanY2K

Bonkers are offering savings accounts in Portugal, Italy and Latvia with interest rates in and around 4%. No need to worry about currency fluctuations and savings are protected by the respective central banks up to a certain level should the worst happen to the bank.

The above might be a better option than resurrecting an old UK account.