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Transfer Money to a sterling account?

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  • 17-01-2009 2:35pm
    #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?


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    #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)


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    #3
    Ogham
    Registered Users 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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