Holding Money in a $ Account in Ireland

kennedmc · 01-02-2024 4:01pm #1

Hi all,

What are the best options for opening / holding cash in a $ bank account while living in Ireland? Ideally with interest %, competitive exchange rates and low fees.

My logic is $ will strengthen against € in the future and I would like to put some of my € savings in to $ to take advantage.

Any pointers appreciated!

Thanks :)

Atlantic Dawn · 01-02-2024 4:09pm

Easiest way I can think would be via Revolut for ease of access, no interest payable though.

Rock Steady Edy · 01-02-2024 4:21pm

You can get interest on €, £ and $ with Lightyear.

Jim2007 · 01-02-2024 5:17pm

https://www.boards.ie/discussion/comment/121706382#Comment_121706382

No suitable for holding large amounts of cash.

kennedmc · 01-02-2024 7:00pm

https://www.boards.ie/discussion/comment/121706382#Comment_121706382

THanks haven't checked them out before - will do

kennedmc · 01-02-2024 11:43pm

Any idea of what would be a better option? Cheers

kennedmc · 01-02-2024 11:44pm

https://www.boards.ie/discussion/comment/121706649#Comment_121706649

Any idea what would be a better option? Cheers

Jim2007 · 01-02-2024 11:58pm

https://www.boards.ie/discussion/comment/121708789#Comment_121708789

Do you understand the issue here? This is a brokerage account with at best a guarantee of 20K. Since you are speculating in currencies you might want to look at some money market products. However this is a high risk game and you might be better advised to find alternative was to back the dollar with a lower risk profile.

kennedmc · 02-02-2024 2:42pm

https://www.boards.ie/discussion/comment/121708853#Comment_121708853

Yes thanks I understand as I had a look at website . As per my original post I have a cash position and I am looking to hold approx. a third across $, € and £ (Have a account already) over next 12- 15 months.

You say speculate, I say diversify :D but I am looking for low risk options. That why I was asking about $ accounts with low cost, competitive exchange rate and ideally interest.

When I try to Google this stuff, I find the results confusing and not so helpful which is why I thought people on here may have a good steer.

JVince · 02-02-2024 3:00pm

I think it will go the other way towards $1.20, but that's just an opinion.

Bunq is probably the best and easiest option. Currently paying 3.71% https://www.bunq.com/features/multi-currency-savings

kennedmc · 02-02-2024 5:34pm

https://www.boards.ie/discussion/comment/121711081#Comment_121711081

Thanks looks good. Only concern would be that only € accounts are covered by Dutch / EU Central Bank deposit guarantee to €100K. Other currencies are not.

Found more info here: https://together.bunq.com/d/48222-deposit-guarantee-scheme-multiple-currencies -

JTMan · 05-02-2024 10:40am

Consider:

Lightyear @4.25% with 20k (EUR equivalent) protected.
Bunq @3.71%
IB01 @ aprox. 5.3% yield but 41% tax. (US Treasury bonds). Free to purchase via Trading212.
SMARTU @ yield of 6.42% over the last year but 41% tax. Fees/TER of 0.09%. Free to purchase via Trading212.

daheff · 05-02-2024 11:16am

https://www.boards.ie/discussion/comment/121706649#Comment_121706649

That's a subjective comment.

What's a large figure to you may not be to somebody else. And vice versa.

Lightyear balances are guaranteed up to €20,000.

Holding Money in a $ Account in Ireland

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