Understanding the nuances of the euro saving account

Euro savings account is a typical savings account except that the money is maintained in euro currency. Opening a euro savings account is generally needed by EU nationals living and working in United Kingdom, one who is paid in Euros or owns a property in European countries.  A wide range of saving accounts is offered to such people. International tracker account is essential to open up a euro savings account. Opening a euro currency account is very simple and the forms can be filled out at any bank offering the service or can even be done online. However, as a proof of identification, a valid passport should be provided and no other identity proofs are accepted. 

Benefits of having a savings account in euro currency

The major benefit of euro savings account is that, it reduces the administration cost and risk of exchange, when the main income and assets are maintained in euro currency. A savings account in euro is also provided with several other products like treasury deposit. The other saving products protect the account holders from fluctuation of currency rates and interest.  Savings under this currency enables you to take advantage of the strength of the currency over home currency and other currencies. Conversion of any currency will be charged with a fixed conversion rate. But, there are no conversion charges for converting any currency into euro through payment checks or any foreign exchange account.       

Euro savings accounts are offered in four types and include the following:

Liquidity Management services account

Treasury Deposits

Currency Call Deposits

Euro savings account interest

Interest under treasure deposit schemes are paid at a fixed rate of interest.  The interest amount is paid along with the invested amount at the time of maturity. Quarterly interest is paid under currency call deposit account.

Anglo Irish Bank, Alliance and Leicester, HSBC Bank, Irish Permanent International, Investec Bank, Bank of Scotland, etc are the major banks that offer euro savings account.

Some of the banks require 90 days notice in advance for having access to the savings account and while some banks do not require the same and offer instant access to the account. This factor should be considered before opening a savings account in euro.

A savings in account in euro currency can be opened in any bank in a country which offers the service. However, when the account is opened in any country, in which the euro is not the national or primary currency of the country, the account holder may not avail complete benefits and good terms and conditions of the account.