AndyBCbound

Does anyone know of a good rate of interest on a sterling savings account in Canada?

Currently we have deposits in GBP sat in HSBC sterling account in Canada earning a measly 0.20%. We dont want to move the money back to the UK, even though interest rates are at 3.30%. We need access to it here in Canada within the next six months for the purchase of land and property.

Any help would be greatly appreciated

snowshoveller

with the tumbling exchange rate and awful interest rates you might be well advised to keep your cash in the UK account til you need it, then just wire it to your canadian account when you need it.

Luckyone

There aren't any I'm afraid (I'd love to be corrected). Also be aware that you may not find it that easy to get the best of rates in the UK as and when you're a non-UK resident. I have to put some savings in the Halifax BONUS saver account for non-residents and even with the bonus it pays 0.35%....wow, I get excited just thinking about it!

Aviator

You are right there are none. Best rate on GBP is in the UK. FX accounts here pay a nominal interest rate. HSBC charge £2.50 for every withdrawal too.

AndyBCbound

Bugger.....the only problem with having the money in the UK is transfering it back to canada...I bank with lloyds and they only allow you to transfer 10k online at one time and not internatonally either, so i would have to be there physically to do it, signature on the dotted line and all that while we are on the exchange side of things, I have allways used interchangefx which are based in the UK, are there any based in Canada that offer rates as good as those offered by exchange companies in the UK, or would I be better of sending it back to an exchange company in the UK to have them send it back to Canada after its exchanged to CAD

Aviator

Easiest way is to use an FX company, such as Custom House, give them a direct debit mandate and when you want to do an exchange, call them up, book a rate and they do the rest. The CDN$ turn up in your account (and the £ disappear out of the other account). This is much easier than doing it with the bank.