virginia.c Posted January 12, 2007 Share Posted January 12, 2007 Wonder if anyone can tell me which bank offers the best interest rate on a euro deposit account? I need 30 day access maximum and don't care whether the account is in England or France. I know that the rates are generally poor but I'd be really interested to know who has recently set a good one up?Looking forward to some good advice! Link to comment Share on other sites More sharing options...
Benjamin Posted January 12, 2007 Share Posted January 12, 2007 You've answered the question in the title in the body of your post: high interest and Euro don't go together.The last time anyone who wasn't forced to opened a Euro deposit account other than to hold their house buying dosh until being relieved of it by a Notaire, were then quickly removed by men in white coats.[:D]If you Google something like deposit accounts in Euros you'll come up with loads of info, none of it edifying, but you're unlikely to find anyone on here who'll admit to opening one.[:P] Link to comment Share on other sites More sharing options...
cooperlola Posted January 12, 2007 Share Posted January 12, 2007 Yo-ho Benjamin![:D] As B says, high interest and the euro don't seem to go hand in hand. Low cost borrowing = low returns on deposit accounts I guess. At the risk of sounding like their head of advertising, why not try the Nationwide if you don't care if it's in the UK or here? Very easy to manage accounts on line, so you can move money from your high interest account to a cheque account (Flexaccount) on line as you need to, then get cash out here in France at one of the best exchange rates around. You can get the interest gross then get a tax statement and declare the UK interest here on your French tax return if this is where you pay your tax. Link to comment Share on other sites More sharing options...
Gastines Posted January 12, 2007 Share Posted January 12, 2007 We tried to go down the Nationwide route but unless you have UK address/residency, they won't let you open an account. They seem to be the best if you can deal with them as they don't charge for cash withdrawal in Europe on a card and you get a good daily rate. I did wonder if it's possible to open an account in Jersey with Nationwide but haven't had a reply back from them. As far as I know the ordinary interest account pays 2% and the Epargne max of 7500E pays 3%. If anyone knows anything better, please let us in on it.[As long as it's not a Nigerian Bank!!]Regards. Link to comment Share on other sites More sharing options...
Cassis Posted January 12, 2007 Share Posted January 12, 2007 For simplicity and instant access try looking at ING Epargne Orange. 6% until July then 3%. Transfer money to/from your bank in 2-3 days, no penalty.ING France Link to comment Share on other sites More sharing options...
virginia.c Posted January 12, 2007 Author Share Posted January 12, 2007 wow! Haven't heard of them but I'll look them up, thanks. Got 3.25% from Barclays France today..... Link to comment Share on other sites More sharing options...
Miki Posted January 12, 2007 Share Posted January 12, 2007 I believe that from January this year and where due, the 11% social debt is being taken direct from ones French savings account. Will that be the same for Ing ? Link to comment Share on other sites More sharing options...
virginia.c Posted January 12, 2007 Author Share Posted January 12, 2007 I presume this is only if you are a French resident? Link to comment Share on other sites More sharing options...
Miki Posted January 12, 2007 Share Posted January 12, 2007 Possibly, not sure of that though but who would invest money in France if they lived elsewhere ? Link to comment Share on other sites More sharing options...
virginia.c Posted January 12, 2007 Author Share Posted January 12, 2007 someone like me who is hoping to buy a property within the next few months! Link to comment Share on other sites More sharing options...
Miki Posted January 12, 2007 Share Posted January 12, 2007 I doubt you would get near the rate offered by a UK bank/building society would you ? And if they do take out the 11% social debt from the interest, wouldn't it look an even poorer proposition ? Link to comment Share on other sites More sharing options...
BJSLIV Posted January 13, 2007 Share Posted January 13, 2007 The 6% only applies until June.After that its 3% less 11% social charges = 2.67% then you have to deduct income tax..........Also you now have to be fiscally resident in France to open an account. This is a change from a few years ago when you could open one even if you lived in the UK. Link to comment Share on other sites More sharing options...
powerdesal Posted January 13, 2007 Share Posted January 13, 2007 [quote user="BJSLIV"]The 6% only applies until June.After that its 3% less 11% social charges = 2.67% then you have to deduct income tax..........Also you now have to be fiscally resident in France to open an account. This is a change from a few years ago when you could open one even if you lived in the UK.[/quote]BJSLIV,Any idea what happens retrospectively?.We have both current and savings accounts in France but are not fiscally resident. Can we expect to have to close the accounts? Link to comment Share on other sites More sharing options...
Cassis Posted January 13, 2007 Share Posted January 13, 2007 The same social charges and taxes apply to any standard savings account if you are fiscally resident in France - not just ING. You can opt to have income tax at a rate of 16% deducted at source (as well as social charges, which are deducted automatically at a rate of 11% as BJ says) on this and most other savings accounts, which is worthwhile only if you are above the 16% income tax band.We only use the Orange for emergency funds - better than having it sit in a non-interest bearing account. There are other more tax efficient savings but they tie up your money. As an aside, tax efficient is not necessarily best, either - some taxable savings give a better return even after social charges and income tax. Link to comment Share on other sites More sharing options...
virginia.c Posted January 13, 2007 Author Share Posted January 13, 2007 do you mean you have to be fiscally resident in France or that you have to be fiscally resident in France to have an account with ING? I am resident in the UK but am opening accounts in Barclays Fr. They haven't said anything to me about being resident in France? Link to comment Share on other sites More sharing options...
Cassis Posted January 13, 2007 Share Posted January 13, 2007 I'll check it and get back to you later - got to go and clean some rooms!How's your French? You could look at the ING website T&Cs if it's up to it. Link to comment Share on other sites More sharing options...
BJSLIV Posted January 13, 2007 Share Posted January 13, 2007 I was refering to ING's Orange account. However if you already have an accout they will let you keep it. Link to comment Share on other sites More sharing options...
virginia.c Posted January 13, 2007 Author Share Posted January 13, 2007 hhm. My French is basic. I looked at the website but around 30% is beyond me, and that's bound to be the 30% which contains all the important info! Link to comment Share on other sites More sharing options...
Cassis Posted January 13, 2007 Share Posted January 13, 2007 ING UK website says they won't let you keep a savings account it if you are not tax resident in the UK; ING France site has equivalent rules. So if you move to another country and they find out, they will ask you to close the account (ING UK actually did this when they found out we had moved). You can't keep the account if you move to another country even if you were tax resident when you opened it. Link to comment Share on other sites More sharing options...
virginia.c Posted January 13, 2007 Author Share Posted January 13, 2007 thanks for looking this up Cassis, v much appreciated. Seems that the best is with Barclays at 3.25% and that's not dependent on being a French resident I think. I am going to check though. Here in the UK you can get 2% from Barclays Link to comment Share on other sites More sharing options...
Benjamin Posted January 13, 2007 Share Posted January 13, 2007 Steady on virginia.c[:)]Looking back through this thread I think what you are saying is that you have, or will have in the future, a chunk of Sterling. At some point in the future you envisage buying a property in France and expect to have to make the payment in €uros?Why are you looking to have a €uro deposit account now? You can just as easily leave your chunk on deposit in the UK in Sterling and earn, for example, 5.05% before tax with Nationwide Building Society (which seems pretty popular with lots of people on this forum). If you are not a UK tax payer you could even complete IR 85 from HMRC and have the interest paid gross. This is in an internet operated instant access account so no difficulty in getting at the dosh. If you subsequently become resident in France then you can still keep the account since you opened it whilst you were UK resident.So, you see the ideal house and agree to purchase (in €uros) and a timescale is agreed between you, the seller and the Notaire probably coordinated by an estate agent. Typically completion will be three months away.You then open an account with a currency exchange company (plenty of discussions on them on the forum) and arrange to transfer the neccesary funds either to your French account which you will already have needed to open or direct to the Notaire's account.This way you continue to receive a much better rate of interest in a Sterling based savings account until you actually need to pay for the house.Or am I missing something? [geek] Link to comment Share on other sites More sharing options...
virginia.c Posted January 13, 2007 Author Share Posted January 13, 2007 you are missing something.... but don't worry. My questions have been answered - as usual - by the knowledgeable and speedy members of the Forum. God bless them. My next question will concern the notorious "wind" festival in Nontron. I'm just composing it now........ Link to comment Share on other sites More sharing options...
Benjamin Posted January 13, 2007 Share Posted January 13, 2007 [quote user="virginia.c"]you are missing something.... but don't worry. My questions have been answered - as usual - by the knowledgeable and speedy members of the Forum. God bless them. My next question will concern the notorious "wind" festival in Nontron. I'm just composing it now........[/quote]I see. I didn't realise that the money you have is already in €uros. Link to comment Share on other sites More sharing options...
virginia.c Posted January 13, 2007 Author Share Posted January 13, 2007 If only... Link to comment Share on other sites More sharing options...
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