Stash The Cash

[VespaSeeker]

Hi ,

Sorry i am being a little bit lazy here , if i spent 3 days wading threw the moneysavingexpert.com website i could probably find the answer to this question but as everytime i look on that website i get a headache in 3 minutes flat i would like to pose the question here instead .

Basically what i'm looking for is a offshore savings account i can set up and access online which pays interest monthly and has swift transfer facility .

I am currently with Bradford & Bingley ( BBI ) or Santanta or what ever there going to be called in the near future , i have a e-saver account called e-income which pays me 5.75% on a monthly basis with no penaltys for withdrawals so i swift transfer the interest out here every month so it gives me like a pension type thing .

Now i know there are plenty of higher interest accounts out there but they are mostly annual interest accounts and like i said i am looking for monthly .

Also a guarantee of a percent of your cash back if the bank goes belly up would be nice .

So if anybody can recommend a better account than BBI's i would be gratefull to hear about it and also was it possible to set up from here as i set up my BBI account from Thailand and it was a nightmare which took me almost 3 months !! If I'd got of me ass and done it before i moved out here i probably could of done it in about a week but you life and learn as usual !

So any free financial advice would be gratefully appreciated ,thank you .

By the way ,i'm not complaing but where have all the mozzies gone ? and how long can i expect this blissfull Mozzie less excistence to carry on for ?? ( 1 st year living in Thailand )

[Soutpeel]

Hi ,

Sorry i am being a little bit lazy here , if i spent 3 days wading threw the moneysavingexpert.com website i could probably find the answer to this question but as everytime i look on that website i get a headache in 3 minutes flat i would like to pose the question here instead .

Basically what i'm looking for is a offshore savings account i can set up and access online which pays interest monthly and has swift transfer facility .

I am currently with Bradford & Bingley ( BBI ) or Santanta or what ever there going to be called in the near future , i have a e-saver account called e-income which pays me 5.75% on a monthly basis with no penaltys for withdrawals so i swift transfer the interest out here every month so it gives me like a pension type thing .

Now i know there are plenty of higher interest accounts out there but they are mostly annual interest accounts and like i said i am looking for monthly .

Also a guarantee of a percent of your cash back if the bank goes belly up would be nice .

So if anybody can recommend a better account than BBI's i would be gratefull to hear about it and also was it possible to set up from here as i set up my BBI account from Thailand and it was a nightmare which took me almost 3 months !! If I'd got of me ass and done it before i moved out here i probably could of done it in about a week but you life and learn as usual !

So any free financial advice would be gratefully appreciated ,thank you .

By the way ,i'm not complaing but where have all the mozzies gone ? and how long can i expect this blissfull Mozzie less excistence to carry on for ?? ( 1 st year living in Thailand )

Citibank international personal banking in Singapore, not a savings account but a current account, but you get interest monthly, just need to maintain US$ 25,000 minumum balance and no fees, on-line banking etc etc

[Naam]

Citibank international personal banking in Singapore, not a savings account but a current account, but you get interest monthly, just need to maintain US$ 25,000 minumum balance and no fees, on-line banking etc etc

Vespa-Seeker is talking GBP and 5.75%. how much is Citi paying for Pounds on a current account?

[Soutpeel]

Citibank international personal banking in Singapore, not a savings account but a current account, but you get interest monthly, just need to maintain US$ 25,000 minumum balance and no fees, on-line banking etc etc

Vespa-Seeker is talking GBP and 5.75%. how much is Citi paying for Pounds on a current account?

I wouldnt know Naam...I work in US$ and Euro, do know he can get a multiple currency account, with GBP as one of the currencies, so would suggest he researches what thay have to offer....

In addtion, didnt see any mention of actually wanting a GBP account, you are assuming this is what he wants, because his money currently is in GBP in B&B at the moment

"Basically what i'm looking for is a offshore savings account i can set up and access online which pays interest monthly and has swift transfer facility"

[cmsally]

Actually if you check moneysupermarket. B&B has one of the best rates for non notice monthly interest accts @ 6.3%

I have found it is easier to set up an offshore acct. if you are an existing acct holder with the onshore version. So that could be the easiest option for you.

[soap]

you should look at ANGLOIRISH BANK in the isle of man they give 6.4% for a no notice account

the interest is caculated daily,they also have a one year fixed account paying 7.21% were you can

withdraw 20% anytime without penalty.

the irish goverment will guarantee all deposits for the next 2 years

[VespaSeeker]

you should look at ANGLOIRISH BANK in the isle of man they give 6.4% for a no notice account

the interest is caculated daily,they also have a one year fixed account paying 7.21% were you can

withdraw 20% anytime without penalty.

the irish goverment will guarantee all deposits for the next 2 years

Hi Soap ,

Hmmm i will have too look into that one , i am actually from the Isle Of Man and my mum ( personal finance adviser and all round smart lady ) who still lives there has not mentioned that one to me yet.

So thanks for that , i was hoping people would come up with a few i hadn't heard off

Cheers.

[cmsally]

Anglo Irish is indeed an interesting one and it seems their offshore arm is guaranteed by the Irish govts announcement (up until 2010)

Anglo Irish IOM

If heading for one of the higher interest paying banks then this would seem to make it more secure than the others which seems to have mostly Icelandic roots of some kind.

I read today that one Icelandic bank had been bailed out by their govt. but don't remember seeing a name.

[Misty]

you should look at ANGLOIRISH BANK in the isle of man they give 6.4% for a no notice account

the interest is caculated daily,they also have a one year fixed account paying 7.21% were you can

withdraw 20% anytime without penalty.

the irish goverment will guarantee all deposits for the next 2 years

Hi Soap ,

Hmmm i will have too look into that one , i am actually from the Isle Of Man and my mum ( personal finance adviser and all round smart lady ) who still lives there has not mentioned that one to me yet.

So thanks for that , i was hoping people would come up with a few i hadn't heard off

Cheers.

Hi VespaSeeker, if you learn anything more from your mum as personal finance adviser on this one, be interested to hear. I'm just curious, how does Anglo Irish IOM pay what appear to be above market rates?

Cheers, Misty

[VespaSeeker]

you should look at ANGLOIRISH BANK in the isle of man they give 6.4% for a no notice account

the interest is caculated daily,they also have a one year fixed account paying 7.21% were you can

withdraw 20% anytime without penalty.

the irish goverment will guarantee all deposits for the next 2 years

Hi Soap ,

Hmmm i will have too look into that one , i am actually from the Isle Of Man and my mum ( personal finance adviser and all round smart lady ) who still lives there has not mentioned that one to me yet.

So thanks for that , i was hoping people would come up with a few i hadn't heard off

Cheers.

Hi VespaSeeker, if you learn anything more from your mum as personal finance adviser on this one, be interested to hear. I'm just curious, how does Anglo Irish IOM pay what appear to be above market rates?

Cheers, Misty

Hi i'm not too sure about that Misty ,but i just read some very good information on Yahoo.co.uk main page today ,they have a headline there ( its bad news for everybody ) if you read that and then follow the link ( Five saving account catches you need to know ) they have everything you need to know about savings accounts and it was that simply put even i understood it !!

Also they are recomending Irish Anglo as one of the best and they guarentee 80.000 pounds of your savings if the bank collapses which is a lot better than the usual 35.000k you normally get .

[Naam]

Anglo Irish is indeed an interesting one and it seems their offshore arm is guaranteed by the Irish govts announcement (up until 2010)

Anglo Irish IOM

If heading for one of the higher interest paying banks then this would seem to make it more secure than the others which seems to have mostly Icelandic roots of some kind.

I read today that one Icelandic bank had been bailed out by their govt. but don't remember seeing a name.

the name is "Glitnir".

[Naam]

you should look at ANGLOIRISH BANK in the isle of man they give 6.4% for a no notice account

the interest is caculated daily,they also have a one year fixed account paying 7.21% were you can

withdraw 20% anytime without penalty.

the irish goverment will guarantee all deposits for the next 2 years

unfortunately that guarantee is valid only for domestic but NOT for offshore banks.

[Naam]

Citibank international personal banking in Singapore, not a savings account but a current account, but you get interest monthly, just need to maintain US$ 25,000 minumum balance and no fees, on-line banking etc etc

Vespa-Seeker is talking GBP and 5.75%. how much is Citi paying for Pounds on a current account?

I wouldnt know Naam...I work in US$ and Euro, do know he can get a multiple currency account, with GBP as one of the currencies, so would suggest he researches what thay have to offer....

In addtion, didnt see any mention of actually wanting a GBP account, you are assuming this is what he wants, because his money currently is in GBP in B&B at the moment

"Basically what i'm looking for is a offshore savings account i can set up and access online which pays interest monthly and has swift transfer facility"

5.75% = GBP, monthly interest = spending money required

[Gumballl]

... pays me 5.75% on a monthly basis ...

On a monthly basis?? Surely you mean on a yearly basis, right?

Maybe you meant to state the bank pays interest on a monthly basis at a rate of 5.75% per annum. Or perhaps pays interest that is compounded monthly at a nominal interest rate of 5.75%. Otherwise your effective interest rate for a year would be approximately 95.6%, which is not bad!

P.S. EIR = (1 + i/n)^n - 1

[Naam]

... pays me 5.75% on a monthly basis ...

On a monthly basis?? Surely you mean on a yearly basis, right?

Maybe you meant to state the bank pays interest on a monthly basis at a rate of 5.75% per annum. Or perhaps pays interest that is compounded monthly at a nominal interest rate of 5.75%. Otherwise your effective interest rate for a year would be approximately 95.6%, which is not bad!

P.S. EIR = (1 + i/n)^n - 1

it goes without saying that the correct mentioning of interest rates is always "percentage p.a.". anything else, e.g. "compound interest" and similar BS is nothing but window dressing.

[stevemcqueen]

Is anyone on the forum using Anglo Irish?

http://www.angloirishbank.co.im/Personal_S...count/index.htm

It'd be good to hear from someone firsthand.

[expatgaz]

I use Anglo Irish and believe me have been trying to get to the bottom of it.My Money is in the Isle of Man and is safe under the Irish Governments 2 year thing.Guess that means offshore.

EPG.

[chiang mai]

I'm in the process of opening an account with Anglo Irish (IOM) currently - print off the application forms from their web site and use DHL to courier it to their offices (3 days). Then call them when you know the application has been received and then do a wire transfer inbound. All deposits fully insured by Irish gov.

[cmsally]

On their website it says Anglo Irish IOM is covered under the Irish govt deposit guarantee

Anglo Irish IOM

However if you read this article it seems it has not been made concrete yet, but legislation will probably confirm that acct. holders anywhere will be protected.

BBC

[chiang mai]

On their website it says Anglo Irish IOM is covered under the Irish govt deposit guarantee

Anglo Irish IOM

However if you read this article it seems it has not been made concrete yet, but legislation will probably confirm that acct. holders anywhere will be protected.

BBC

Yes, and it also says, "Our Parent provides a full guarantee in respect of all sums deposited (including interest) by all depositors of Anglo Irish Bank Corporation (I.O.M.) plc". The point however is perhaps moot in that the government is now involved.

[Naam]

Yes, and it also says, "Our Parent provides a full guarantee in respect of all sums deposited (including interest) by all depositors of Anglo Irish Bank Corporation (I.O.M.) plc". The point however is perhaps moot in that the government is now involved.

parent is parent, not government. the irish government guarantees the deposits held with the parent banks in Ireland but not those of their offshore "daughters". but whatever, if the deposits in the parent bank are guaranteed that means (most probably) no run on the bank and therefore the "parent guarantee" doesn't look too bad.

[expatgaz]

I spoke with AIB and my solicitor yesterday and both confirm that Isle of Man Branch is covered.That comes from them so don't shoot the messanger.

EPG.

[chiang mai]

Yes, and it also says, "Our Parent provides a full guarantee in respect of all sums deposited (including interest) by all depositors of Anglo Irish Bank Corporation (I.O.M.) plc". The point however is perhaps moot in that the government is now involved.

parent is parent, not government. the irish government guarantees the deposits held with the parent banks in Ireland but not those of their offshore "daughters". but whatever, if the deposits in the parent bank are guaranteed that means (most probably) no run on the bank and therefore the "parent guarantee" doesn't look too bad.

Are you feeling OK today Naam?

[Naam]

Are you feeling OK today Naam?

yes i do

[pluto_manibo]

Citibank has an alternative currency account which gives 8%....on a monthly basis..I think it is US$-Au$. The catch is that they pay you back in the weakest currency...ie...the one which lost more value according to the date of investment.

[cmsally]

On their website it says Anglo Irish IOM is covered under the Irish govt deposit guarantee

Anglo Irish IOM

However if you read this article it seems it has not been made concrete yet, but legislation will probably confirm that acct. holders anywhere will be protected.

BBC

Yes, and it also says, "Our Parent provides a full guarantee in respect of all sums deposited (including interest) by all depositors of Anglo Irish Bank Corporation (I.O.M.) plc". The point however is perhaps moot in that the government is now involved.

I presume that the guarantees on the fixed rate bonds are the same as for ordinary savings/deposit accts?

7.2% is a rather attractive interest rate.

[stevemcqueen]

The UK government is talking of raising the protection limit ,of onshore accounts,up to 50,000 GBP.If they do ,will the IOM raise their protection limit too?

Edited October 1, 2008 by stevemcqueen

[chiang mai]

CMSally - yes

Stevemqueen - no

[Naam]

I presume that the guarantees on the fixed rate bonds are the same as for ordinary savings/deposit accts?

7.2% is a rather attractive interest rate.

what fixed rate bonds are you talking about? who is the debtor? note: bonds are NOT deposits!

[cmsally]

I presume that the guarantees on the fixed rate bonds are the same as for ordinary savings/deposit accts?

7.2% is a rather attractive interest rate.

what fixed rate bonds are you talking about? who is the debtor? note: bonds are NOT deposits!

Precisely my point. The Anglo Irish Bank IOM are offering 1yr fixed rate bonds at 7.2%

Better interest than their ordinary accts but are they guaranteed this is the question.