Michael74

What sort of interest rates are there available in Spain these days on savings.

snikpoh

We currently get 3.5% for a two year bond, 2.4% for a one year bond and only 0.2% for 'instant' access.

But then I see that's about what it is in UK at the moment

Michael74

Thanks snikpoh, nothing to get excited about, as you say much the same as UK but I guess with the state of the spanish economy not suprising

Rotor

Dont bank in Spain would be my advice ,especially if you are working, the inland revenue and numerous other authorites can take money from your account and freeze it without notice!! It can then cost a small fortune in accountants and lawyers fees to get it back!! and take years!!!!!

Stick with the UK or Gibraltar offshore

steviedeluxe

Not sure that Northern Rock, RBS, HBOS are the best adverts to use British banks, but never mind...
A new account from First Direct (part of HSBC, which as far as I know is fairly stable) offers 8% for regular savers. Obviously there are strict conditions, but this may prove appealing for many.

http://www.newsroom.firstdirect.com/...nches_an_8_reg

In fact I'm wondering if this is a sign that interest rates generally are due to rise soon?

Peter James

IMO. UK Interest Rates will not rise anytime soon because the Government is desperate to maintain the house price bubble.

The First Direct 8% is a very limited offer, only lasts 12 months, for a maximum average balance of less than £2,000. Just another little giveaway to entice new customers, before attempting to sting them with something more profitable for the bank. Santander are doing similar. I have just got £100 for switching my UK current account to Santander, plus 5% interest on the first £2,500 for 12months, 'commission free' cash machine withdrawals in Spain for 12 months, and 2.75% on an 'instant' access esaver account. No doubt the interest rate will quietly drop to something derisory at the end of 12 months and they will hope I don't notice. Meanwhile trying to sell me things they make more profit on.

steviedeluxe

Of course, they're relying on people sticking with the same account. But it shows that if you're willing to put the work in, and the hassle of changing accounts, that there are ways to earn a decent rate of interest on your savings. It just means you have to go through a similar process in a year's time. All academic to me at the moment I'm afraid. All my earnings from my invoicing seem to disappear by the end of each month.

Laights

Should put your money over here 6.54% on savings at the moment, I keep telling you that