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French Bank Interest Rates

Posted by Pumuckel - Created: 14 years ago
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Does anyone know which bank in France gives the highest interest rates on a savings and/or current account? Or do you know of a website where I can compare interest rates?

 

Pumuckel

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8 replies (Showing replies: 1 to 8)

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Posted by Pumuckel - 14 years ago

Thanks for all the info :-)

 

Pumuckel

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Posted by MikeP-180526 - 14 years ago

I agree fully with Zeynep about the AU$ investments and rates,  but a general note of caution is appropriate when discussing high interest rates - however this comment does NOT apply to the Australian dollar.

There are countries where you can get 200% interest on investments in local currency.  You wouldn't touch them with a bargepole.  There are others where you could get 10-15% but caution would be advised.  It boils down to the old adage high return = high risk.  And as ever, if it seems too good to be true,   it's just that!

Now, if anyone is really interested in making money, I'll refer them to a Nigerian friend of mine who has $35,000,000 to invest and needs a European bank account through which to move the money.  In return for your bank account details,  he'll let you keep 10% of the money.  Seems to good to be true?  Well spotted!

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Posted by carrington-181725 - 14 years ago

Aussie dollar denominated investments are the best bet at present from a euroland standpoint,at least as far as the major's go.Sterling's performed ok against the dollar but has been somewhat anaemic against the euro of late.Wouldn't dare touch the greenback given it's current decline coupled with the breathtaking zeal and vigour with which they've managed to trash their own economy of late leads one to conclude that the outlook is rather bleak with little if any hope of real and sustained recovery any time soon,in spite of all the spin and risible growth and economic numbers that have been released over there..I hope to stand corrected there but i won't hold my breath.

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Posted by C J Flynn - 14 years ago

quote:Great. The tax in question would have to be pretty hefty indeed to justify a preference for 2.8% interest over a possibility of above 5.25%. Say, 100%? :-) id=quote>As if I had enough money to worry about a couple extra euro anyway...but wouldn't the number you are looking for be 50% ?That is, if I got 5.60 euro for my 100 euro invested and I had 50% tax, that would give me my 2.80 euro return.C J

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Posted by Zeynep-183200 - 14 years ago

Just to point to a couple of facts:

... and the euro (like sterling) is increasing in value daily to the dollar

Both are way overtaken by the Australian Dollar, for your info.

http://www.forexdirectory.net/aud.html

[Select EURAUD or GBPAUD at the "Instrument" tab to see just how both EUR and GBP have been declining against AUD.]

Further, our French account's percentage (we have an older, higher rate) is after tax

Great. The tax in question would have to be pretty hefty indeed to justify a preference for 2.8% interest over a possibility of above 5.25%. Say, 100%? :-)

Zeynep

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Posted by C J Flynn - 14 years ago

2.8% may be a low rate by some measures, but it is way more that states side accounts...and the euro (like sterling) is increasing in value daily to the dollar.Further, our French account's percentage (we have an older, higher rate) is after tax, a concept unheard of in the states. Are the rates quoted after tax in England???C J Flynn

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Posted by Zeynep-183200 - 14 years ago

If you are looking for a better interest rate, deposit your money (in Sterling, as euro accounts are subject to the same rates as above) in a UK offshore account

Better yet, convert your money to Australian Dollars (AUD) and get their interest rates, which are significantly higher than those for the British Pound Sterling (GBP).

For comparison, UK base rate is currently at 3.75% and Australian base rate is at 5.25%. Any interest you will get from the bank, whether it be for credit or deposit, will be above these levels.

Zeynep

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Posted by MikeP-180526 - 14 years ago

Apparently they are all bound by legislation (imposed by the ECB) and obliged to give the same pathetic interest rates.  It seems that the maximum is about 2.8%.  If anyone has further information,  I'd be interested.

Another of 400 million reasons for Britain not to join the Euro.

If you are looking for a better interest rate, deposit your money (in Sterling, as euro accounts are subject to the same rates as above) in a UK offshore account.  Contrary to what many people would have you believe,  it is not illegal to have UK Offshore accounts (why should it be?),  nor do you have to have a large sum of money.  Obviously there may be a requirement to declare such accounts in any country where you have a fiscal obligation.