EUR savings account in the UK

Looking to Spread Your Savings? Consider a EUR Savings Account  

With economic uncertainty on the rise, many savers are looking to diversify their savings across multiple currencies. One popular option is opening a Euro (EUR) savings account with an overseas bank. This allows you to hold funds in EUR while potentially earning better interest rates than High Street Banks. 

Some key benefits of having a EUR savings account include: 

• Holding savings in a different currency – A EUR savings account allows funds to be held in euros rather than being converted into GBP. This may be relevant for customers who have EUR‑denominated income, expenses or assets. 
• Use of account – A EUR savings account enables customers to hold and manage savings in Euros alongside other currencies. Where available, customers may convert funds between currencies using the bank’s Currency exchange services and use a multi‑currency debit card (available to UK residents only) for spending abroad. Exchange rates apply. 

While these benefits may be compelling, there are also risks to consider, such as exchange rate fluctuation in the opposite direction, overseas banking regulations being different than your home country, and lack of deposit insurance. Evaluating your specific financial situation is important before deciding if an overseas EUR account aligns with your goals. Analyse the potential upsides and downsides when determining where to allocate your savings. 

iFAST Global Bank is a UK-based bank that offers a multi-currency account, which means you can use various currencies, including EUR. We provide EUR savings accounts, including instant access savings accounts with good returns, and fixed-term deposit accounts. 

The best part is, you can start saving with just €1, and there are no specific rules about the minimum or maximum balance you need to maintain. Right now, you'll get an interest rate of 1.00% AER (variable) for your instant access EUR current account. If you decide to lock your money in a 24-month EUR fixed-term deposit, you can earn an even higher interest rate of 2.20% AER. 

iFAST Global Bank offers protection for your money. Eligible deposits held with iFAST Global Bank are protected by the UK's Financial Services Compensation Scheme. This provides deposit insurance protection up to £120,000 per person, giving added peace of mind for your savings. 

Some key benefits of having a savings account with iFAST: 

• Online account access - Check balances and manage your account 24/7 via online banking. 
• Open an account from abroad. (T&Cs apply) 
• No monthly fees - Unlike many banks, iFAST Global Bank does not charge monthly or annual fees.  
• No balance requirements - iFAST Global Bank EUR savings accounts have no minimum or maximum balance requirements, providing flexibility. 
• We provide a choice of instant access, fixed term savings accounts allowing you to choose the option that best fits your financial needs. 
• We offer instant access, fixed term savings accounts, giving you the flexibility to choose the savings account that works best for you. 
• Earn up to 2.20% AER* on EUR Fixed rate deposits  - Overseas banks may offer higher EUR savings rates than high street banks. 
• Flexibility with a major currency - Hold, receive or send EUR abroad easily at a fair price. 

Whether you want to diversify savings, earn better returns, or hold funds in multiple currencies, a EUR account from an overseas bank could be an option to consider. Carefully weigh the benefits and risks to decide if this approach aligns with your financial goals. 

T&Cs Apply. https://www.ifastgb.com/en/interest-rates?prod=mca  

*iFAST Global Bank Fixed Term Deposits have a fixed term. Early withdrawal is generally not permitted and may result in loss of accrued interest. A 14-day cooling-off period applies. T&Cs apply. https://www.ifastgb.com/en/deposit/fixed-term-deposit