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> Euro Savings Account - UK Guide
 In a nutshell
A savings account that operates in Euros rather than in sterling.
Best Saving Account For
Expatriates, frequent travellers, UK residents that spend a lot of time in a Euro country or any consumer that wishes to save some of their cash in Euros. Businesses can also access Euro accounts.
Expected Return
The return you get will depend on your choice of financial institution and the actual savings account you ultimately choose. You'll get lower interest rates for quick access accounts and higher interest if you agree to tie up your money in a notice or term account scenario. The amount you save may also play a part in the interest you earn - many savings accounts will pay tiered interest that rises as you save more.
Access
You can generally choose the type of access you want with Euro savings accounts. Some will offer instant access, some will require notice and some may restrict the withdrawals you can make for specified periods. Longer term accounts such as term accounts may not allow any access at all until your agreed term is finished.
How often interest is paid
Again this will depend on your financial account holder and your actual account. You can find a full range of interest options for Euro savings accounts including monthly interest and annual interest. Some long-term investment products such as term savings accounts may only pay out the interest you earn at the end of the term you sign up for.
Advantages
A Euro savings account can make life a lot easier for people that travel across Europe on a frequent basis either from a business or personal perspective. With a Euro savings account you'll find it much easier to access the cash you need and to manage your spending - this kind of account can also suit people that spend part of their time living abroad.
Some Euro savings account are operated as offshore accounts so you may find in this case that you benefit from tax planning advantages with this type of account. If you are a non tax payer in any case then you'll not be taxed on your interest in general.
What to look out for
If you want a Euro offshore savings account then you'll need to check out how your tax situation will be affected and to make sure that you are fully up to speed on anything you need to do from this perspective. As with any currency the interest you'll earn will be at the mercy of the currency market - so if the Euro doesn't do so well but the Pound does better then you could potentially lose out on the actual value of your money growth as opposed to your earnings from a sterling account.
Not all Euro accounts come with exceptional interest rates. Many are linked into current accounts and don't offer such good rates - so, you should shop around before you choose the account for you. You may also find that you will have to deposit higher sums with a Euro savings account as not all of them are as flexible on this score as standard sterling savings options.
Alternatives
If you're looking for a savings account in an international currency then you could also look at a US dollar savings option. If you have specific ties to Europe then this kind of account is probably your best option.
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