RobAndEwa

If you find out what the 'right account' is, please share! I suspect I'll be juggling poor exchange rate by transfering in January vs Australian tax by transfering at a later date.

Rob

OzTennis

$20K in the Commonwealth, $20k in the NAB, $20K in the Westpac, $20K in the ANZ, first account in your name, second account in wife's name, third account in son's name etc......? Announced 3rd June 2008 BTW.

Further to early comments by others, exchange rates don't just depend on whether UK is in recesssion and/or Australia in recession. It depends on what is happening to the greenback, to the housing markets, to inflation figures, to business confidence, uncle tom cobleigh and all but mostly it depends on comparative interest rates, current and expected.

The RBA governor Glenn Stevens gave a speech the other day which cryptically implies that interest rates will not go down in the foreseeable future in Australia. As investors can earn much higher returns in Aussie dollars and this is expected to continue, this is why the rate is hovering just above $2 and MIGHT get below that. If the rate reaches $2.90 in 12 months I would be absolutely flabbergasted.

Can someone confirm that you can get 12% on deposits in HBOS on ALL your principal, no strings or upper limits attached? A lot of banks offer seemingly attractive interest rates but there's always a catch eg £2K max or you have to pay in a min of so much a month or you can only withdraw a certain number of times etc.

OzTennis

Grayling

Indeed

In the same way that a joint account (2 people) in the UK is protected up to £70000.

The compensation is per investor.

G

OzTennis

Now £100K actually but that's neither here nor there (increased from £35K to £50K for individuals and £70K to £100K for joint accounts after the Northern Rock etc fiascos):

http://www.thisismoney.co.uk/saving-...2&in_page_id=7

Now I wonder whether this thread will turn into a 'UK offers better compensation than Australian compensation' thread?

Grayling

Did not think that that had become law yet

TBH I think it is the individual's responsibility to look after their own money (within the existing rules).....but we live in uncertain times.

Seems like the current situation has been a wake up call to everyone.

G

alipally

No judgement..
The way I see it is that the governments have to offer this sort of protection for people's money, or we'd all be stuffing our mattresses with it!

I just want to get the best possible deal and the biggest 'bang' for my buck where ever that might be.... UK Australia, or some far away tax haven... I'm not proud, so long as it's legal and ethical I'll be happy. I know that we're lucky to have this problem, but it doesn't make it any easier to make a decision.

Like I say, I've filled in my form for Alan and I've just got to send it off for him to have a look at. In the meantime, if there's anyone out there with a great idea, I'd be more than happy hear it!

Grayling

So would the rest of us

G

alipally

If I keep asking maybe a genius will read it and share the wisdom with a mere mortal!!

milliewoos

I don't think it has, I'm sure it was only last week that Cameron was pressing Brown to state a date for implementing this in PMQs.

Cant rain all the time2

Yes you are correct, very good rate but you are not going to get rich from it.

taffgmg

Have been following this post with interest.

We completed on our house last week and since exchanging have been watching the rates fall depressingly.

We have exchanged the proceeds of our house into dollars as of Thursday this week at a rate of 2.03. The biggest financial transaction I think I will ever make!

Now it is done we have stopped stressing about it and will now look for some high interest accounts to invest in Australia. Personally I think it may be years before the markets go back to how they were last year and house prices go back to what they were a few months ago. In the mean time we can make some good interest and hopefully be ready to buy as and when the house prices level out in Adelaide which they appear to be doing.

Its done now and we have made a decision and feel the better for it. Whether it was the correct one time will tell

DownUnderPaddy

I reckon this wee graph could be pretty accurate...

Congrats on the sale by the way and on getting on with it and moving forward.
Its a good weight to get off your shoulders.