Saving for the future in the UK
Mar 26th 2015, 7:20 am
#1
Just Joined
Thread Starter
Joined: Feb 2015
Location: Dubai Marina
Posts: 7
Saving for the future in the UK
Hello all!
Please point me in a thread direction if this has been asked but...
Looking to save some of my money whilst in Dubai for a future house deposit back in the UK.
What are/have you done for this and the best way and to gain maximum return when you come to take this money back out?
Are you/do you send money to an offshore savings account or something? Or back to a UK bank account and use the savings account that you can get with the bank that holds your current account?
Looking to start saving around 3k dirhams a month to start
Any suggestions/experience welcomed in this area
Thanks
Please point me in a thread direction if this has been asked but...
Looking to save some of my money whilst in Dubai for a future house deposit back in the UK.
What are/have you done for this and the best way and to gain maximum return when you come to take this money back out?
Are you/do you send money to an offshore savings account or something? Or back to a UK bank account and use the savings account that you can get with the bank that holds your current account?
Looking to start saving around 3k dirhams a month to start
Any suggestions/experience welcomed in this area
Thanks
Mar 27th 2015, 1:15 pm
#2
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: Saving for the future in the UK
That's something of a "piece of string" question.
The right answer for you depends mainly on timescale. If you are looking at anything less than five years you need to keep the money in cash. If longer you could potentially look at investing but run away screaming from any 20-25 year savings schemes.
Due to potential issues with Sharia law in the case of death, it's best to keep most of your money outside of the UAE, either offshore or in the UK. With interest rates so low having money in the UK is unlikely to be an issue, especially with fairly small amounts.
The right answer for you depends mainly on timescale. If you are looking at anything less than five years you need to keep the money in cash. If longer you could potentially look at investing but run away screaming from any 20-25 year savings schemes.
Due to potential issues with Sharia law in the case of death, it's best to keep most of your money outside of the UAE, either offshore or in the UK. With interest rates so low having money in the UK is unlikely to be an issue, especially with fairly small amounts.
