| Advice wanted for US Dollar savings in the UK [message #385016] |
Sa, 06 Mai 2006 13:47 |
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Hello -
I am looking for advice for a high-earning US dollar savings vehicle
for the UK. I am resident in the UK and will be funding this account
from UK-based earnings in sterling.
I have about $2,000 to put into the account immediately and will be
saving another $1,000 per month. I intend to withdraw small amounts
every 6 - 12 weeks (around $500 each time) and withdraw the balance in
full in July 2007. I will probably keep the account open after that
for travel purposes.
I am looking for a high earning account. I do not require cheque
facilities, or overdraft. A debit card would be convenient but not
mandatory.
I am already with Lloyds for my on-shore sterling account; they seem to
offer an off-shore account (although this may be of no apparent benefit
to my tax situation) but it pays less than 1%. Apparently A&L offers a
savings account with around 4.5% interest, but requires immediate
funding of USD $5,000.
I would consider money market funds as I can accommodate 30-days'
notice for withdrawal, but according to Lloyds the minimum funding is
$15,000 which is not possible right now.
Any suggestions would be greatly appreciated.
Thanks,
Chris
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| Re: Advice wanted for US Dollar savings in the UK [message #385058 ] |
So, 07 Mai 2006 00:11 |
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<cmacneil [at] egroup.ca> wrote in message
news:1146916040.239253.258150 [at] i40g2000cwc.googlegroups.com...
> Hello -
>
> I am looking for advice for a high-earning US dollar savings vehicle
> for the UK. I am resident in the UK and will be funding this account
> from UK-based earnings in sterling.
>
> I have about $2,000 to put into the account immediately and will be
> saving another $1,000 per month. I intend to withdraw small amounts
> every 6 - 12 weeks (around $500 each time) and withdraw the balance in
> full in July 2007. I will probably keep the account open after that
> for travel purposes.
>
> I am looking for a high earning account. I do not require cheque
> facilities, or overdraft. A debit card would be convenient but not
> mandatory.
>
Whats the advantage to converting it into dollars now (and ongoing),
compared to converting it as and when you need it?
--
Tumbleweed
email replies not necessary but to contact use;
tumbleweednews at hotmail dot com
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| Re: Advice wanted for US Dollar savings in the UK [message #385092 ] |
So, 07 Mai 2006 11:45 |
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There are two key advantages:
1/ partly to take advantage of attractive exchange rates that exist now
2/ the money is being used to fund a wedding in a country where
expenses will have to be paid on an ad-hoc basis in USD.
In short, I'd rather have the peace of mind of knowing the money is in
USD and being able to count on known amounts.
Chris
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