M
No, they are not. Deposits in a Cypriot bank are guaranteed by the relevant authorities in Cyprus. There is no pan European/EU guarantee as things currently stand.I know they're secured in the European Union for up to 100 000.
You can open an offshore account. There is a good comparison of offshore rates .Are we even allowed to open an account from abroad (say in England, which is outside the Euro) and transfer our money?
Our bank insists our deposits (which give us a monthly rate of 4.50% interest, good, no?)
4.50% AER is a very good EUR deposit rate for a 3 month term deposit.
2.80% AER is the average EU EUR deposit rate according to the Central Bank of Ireland.
3.56% AER is the average Irish deposit rate according to the Central Bank of Ireland.
Greek banks pay up to 6.50% AER for a 6 month term deposit.
Obviously, there is a link between risk and reward. With what is going on in Cyprus and Greece right now, one would think that you are better prioritising risk management over reward.
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