lump sum in uk bank acc

[Tempo66]

Advice welcome. Have a lump sum inheritance in a uk bank current acc. Over 120k stg. Would like to find a good savings return. There is no immediate need to access the money. Some questions I have are:

1) I could transfer the money to Ireland and open a desposit account(s) with Raisen or similar. I appreciate that it would be over €100k guarantee so can split accounts and /or have joint account with my wife. Any advice on exchange rates and when best to do this? (I am inclined to leave the money in the UK though - may end up back there one day).

2) If bringing sterling to Ireland, I have used currencyfair before. Any better options for larger amounts?

3) Looks like the bank I am with in the UK will allow me to open a savings account. Looks like 2.65% for access and c. 4.00% for 9 months-year fixed for example. I doubt I can open a new account elsewhere in the UK since I am resident in Ireland. Is there a way for me to access better UK accounts? Would I be able to access the higher rates on Raisen UK if using a UK bank account for example? Rates around 5% - coming down.

4) I assume I will need to declare interest gained in the UK to the revenue for DIRT.

thanks

 

[Lightning]

You should keep your savings in the currency you intent to spend your money in to avoid FX risk.

i.e. If your spending currency is EUR, then convert your savings to EUR.

 

[Tempo66]

OK. Limited options if keeping it in the UK but the option is there.