Savings Account

[Keni]

This might have reared its head in the past, but sorry if I am repeating something.

We are looking to stash our savings - we will need an income whilst we live in France. However, we have yet to find mention of a savings account and roughly what sort of interest we can expect.

Our choice is to leave the savings in an account in Uk and draw out as needed per year, putting that money into our current account in France.

Stash it into something like income savings bonds, or

Stash it entirely into a French account, do they charge for savings accounts?.

I do not seem to see much advertising or promotion of French savings accounts, do they exist, do they have an account that pays interest per month/year?

Where do we start looking. We have a CA current account, but CA do not seem forthcoming.

Thanks

[cassis]

Savings accounts exist, like Livret A from La Banque Postale, Caisses d’Epargne and Crédit Mutuel, but interest rates are pants (3.5% net - you're better off as a borrower in France) and there's a limit (15300€ when I last looked) on the amount you can invest.   Similar products exist with other financial institutions - ING France Livret Epargne Orange, for example.

Then there are Assurances Vie and PEA but they are for long term investment rather than cash savings accounts yielding income immediately.

Don't forget that if you leave it in a UK sterling account it's subject to the vagaries of currency rate changes (as well as FX when you transfer to Euros).

[nectarine]

Does anyone know if there is a limit to the amount that would be reimbursed if the bank went bust?  Like in the UK, I think the maximum that any one individual can get from a banking institution is around £32,000 or so, therefore the savings experts recommend spreading your money around in these times of uncertainty.  But is that a UK regulation only, or does it apply in France and, if so, what is the limit for any institution?

[cassis]

French bank?  Go bust?  Would national pride stand for it?  Unthinkable!

[Nell]

Phone CA Britline 02 31 55 67 89 English speaking.

They were very helpfull regarding savings accounts, interest rates etc... Also told me about some tax free saving accounts, but for these you have to be in French tax system I think.

You may also be able to see what's on offer at www.britline.com

Hope this helps

[Blossom]

[quote user="nectarine"]Does anyone know if there is a limit to the amount that would be reimbursed if the bank went bust?  Like in the UK, I think the maximum that any one individual can get from a banking institution is around £32,000 or so, therefore the savings experts recommend spreading your money around in these times of uncertainty.  But is that a UK regulation only, or does it apply in France and, if so, what is the limit for any institution?[/quote]

Look at the end of this thread:

http://www.completefrance.com/cs/forums/1178569/ShowPost.aspx