Hi everyone, Does anyone know of any high interest savings accounts in Poland at the moment?
I'll be moving to Poland in the next couple of weeks and I'm unsure whether to leave my savings in a savings account in the UK which currently offers little interest or change my savings to Zloty and put them into a high interest account in Poland.
The plan is to rent in Poland for 2 years then buy some land and build a house so I want my savings to be locked into an account for 2 years and earn some nice interest for me.
With the pound expected to drop even further next year I want to act now.
When buying LAND make sure that you can get the necessary paperwork for it. You have to buy with 'permission to build'. It is no use whatsoever buying land on which you can never build on.
It would be far better in the long run to buy a house that is already built. This would save you on renting for 2 years.
You have to do your calculations very carefully. Then do them again, taking into account all options open for you.
You will not EARN as much from your high interest account as you think.
Well if you want to buy land in Poland then better to put your cash and save in zloty but if you are not quite sure about this why not put 50% in zloty and leave the rest until you have firm plans ?
In either currency you will get poor interest - in Poland for a 6 month you will be lucky to get 1,20% after tax. Also note that some of the banks offering higher rates are a little shaky - Poland has had its first bank bankruptcy for 20 years last year and I would not be surprized to see a couple of the weaker players also looking a bit dodgy.
Currency is an issue for both Pound and Zloty - I can't be bothered to check but I am sure that both would be in the top 5 for weakness over the last 12 months alongside Russia. No coincidence that both British and Polish govts are in the grip of ignorant economic illiterates.