# Safety of savings in Spain



## CharlieMCFC (Jan 27, 2016)

Does anyone know if there's an equivalent of the UK's Financial Services Compensation Scheme in Spain? So, if the savings institution goes bankrupt, (some) savings are still protected?


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## Lynn R (Feb 21, 2014)

CharlieMCFC said:


> Does anyone know if there's an equivalent of the UK's Financial Services Compensation Scheme in Spain? So, if the savings institution goes bankrupt, (some) savings are still protected?


Yes, up to €100,000.

https://www.bbva.com/en/news/econom...ank-goes-bankrupt-will-eu-guarantee-deposits/

Do you have a particular reason for wanting to transfer savings to Spain at the present time? Unless I needed to transfer money over here for something like a property purchase (but then they wouldn't be in a savings account anyway) I'd be inclined to leave the funds where they are until the exchange rate improves.


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## snikpoh (Nov 19, 2007)

Lynn R said:


> Yes, up to €100,000.
> 
> https://www.bbva.com/en/news/econom...ank-goes-bankrupt-will-eu-guarantee-deposits/
> 
> Do you have a particular reason for wanting to transfer savings to Spain at the present time? Unless I needed to transfer money over here for something like a property purchase (but then they wouldn't be in a savings account anyway) I'd be inclined to leave the funds where they are until the exchange rate improves.


.... but then if the rates are forecast to go down for the next few years (which I read recently) .....


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## CharlieMCFC (Jan 27, 2016)

OK, I currently rent and hope to buy at some point. I have the money for a deposit in £ in the UK. I do not want a situation where I see a flat I like and then have to xfer the deposit quickly, having to take whatever exchange rate is on offer at that time. Clearly the whole exchange rate thing is a gamble, but there seems to be an opinion that a Hard Brexit will result in parity, whereas a decent single market deal (looking unlikely at this time, sadly) will result in the rate improving. Anyway, my thoughts are to xfer the money over a period of time, to even out risks somewhat.

Any recommendations for a savings account?!


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## Rabbitcat (Aug 31, 2014)

Euro is terrible now v Pound but IMHO it's gonna get even worse

Parity looms


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## snikpoh (Nov 19, 2007)

CharlieMCFC said:


> Any recommendations for a savings account?!


If anyone can recommend a decent savings account in Spain (more than say 0.25%) I'd be very interested as well!


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## Lynn R (Feb 21, 2014)

snikpoh said:


> If anyone can recommend a decent savings account in Spain (more than say 0.25%) I'd be very interested as well!


Especially as, given what the OP wants to use the funds for, it would really need to be an instant access account anyway.


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## Lynn R (Feb 21, 2014)

ING Direct's Cuenta Naranja, maybe? I don't bank with them so couldn't comment on their service one way or the other.

https://www.ingdirect.es/cuenta-naranja/


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## Rabbitcat (Aug 31, 2014)

Rabbitcat said:


> Euro is terrible now v Pound but IMHO it's gonna get even worse
> 
> Parity looms


Reading financial reports online today they reckon parity by Xmas!!!!!


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## Pesky Wesky (May 10, 2009)

Rabbitcat said:


> Euro is terrible now v Pound but IMHO it's gonna get even worse
> 
> Parity looms


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## Justina (Jan 25, 2013)

*Exchange rate*



Lynn R said:


> Yes, up to €100,000.
> 
> https://www.bbva.com/en/news/econom...ank-goes-bankrupt-will-eu-guarantee-deposits/
> 
> Do you have a particular reason for wanting to transfer savings to Spain at the present time? Unless I needed to transfer money over here for something like a property purchase (but then they wouldn't be in a savings account anyway) I'd be inclined to leave the funds where they are until the exchange rate improves.


But do you think that the exchange rate is likely to improve in the short term?


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## Lynn R (Feb 21, 2014)

Justina said:


> But do you think that the exchange rate is likely to improve in the short term?


In the short term, definitely not - which is why I asked if the OP needed the money for a particular purpose. If it was long term savings that he didn't anticipate needing to touch for 5 years or more, it would have seemed daft to transfer them now, but I quite understand his wanting to have the money to hand if he finds a property he wants to buy.


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