Investing the proceeds of a house sale in a French savings acc.?

We’ve sold our house in the Tarn region, but are travelling for the next 6 months, so want to leave our ‘house money’ in a high interest French savings account.
We’ve been told by friends this isn’t possible as we won’t be residents?
Is this true?

Give it to me, I’ll invest it wisely. :grinning:

Ask the bank?

Thanks for the helpful answers…
We want a ‘ball park’ answer before we approach them? If possible?

Do you have a bank account in France? If yes, that bank can advise.

Anyway, in today’s interest rate environment, “high interest” accounts do not exist. At least not in euro countries. Even the Livret A yields 0.5%.

Here’s a table of current offers. I endorse none of these as I don’t know them (except
Boursorama).

https://www.moneyvox.fr/livret/meilleurs-livrets.php

1 Like

It is highly unlikely that any forum member has been in the situation in which you find yourself… thus the best answer has already been given.

Ask your Bank about investing… :thinking:

Thanks Stella. :grinning:

Thank you Krister, that was v.helpful…Bless you!

Why wouldn’t any other forum member be in this position?
I don’t understand?
Disappointed by your response…

1 Like

Stella

I suggested it was highly unlikely… that forum members had been in your position…

“sold the house… planning to travel for 6 months… looking to invest the proceeds in the meantime…”

In which case… as said previously… best answer is to talk with your Bank…

I really cannot see what is disappointing about that… :thinking: :crazy_face:

If you have permanent residency status and are tax resident here I thought you could leave france for 6 months without loosing it? You need to check limitations of your residency status.

Alternatively, can’t you pop the money somewhere while you are still tax resident, ie before you leave? Ask your bank but I believe you can keep it were you placed it even if you are no longer resident.

But a “high interest” and secure place for your money is a bit of a fairy tale. Even assurance-vie contracts barely keep up with inflation and unless you plan to leave the money there for many years won’t earn back the entry costs.

Well this is the issue really. Where will you be tax resident? Will you have a permanent address in France? Will you be travelling in France or ooutside France? Will you notify France that you’ve left?
Your friends seem to assume you will be gone. The bank might decide you are still resident. It’s hard for us to form an opinion based only on the facts you gave. And at the end of the day the bank’s view is the only one that matters.

1 Like

I’m so grateful for your good sense…in relation to understanding the interest rates etc…
We’ve had the house for 30 years and have only lived in France during the 6 months of late Spring , Summer and early Autumn… We have a French Bank account obviously, to pay all our dues.
It was a silly idea to think we could leave the money in France!
It was to leave us the possibility of being able to buy something else in France at a later point.
But we think we’ll send it back to our UK bank!
It makes more sense!
Thank you everyone for your bothering to reply to my naive request!
Katy

Why don’t you see if you can find a euro account in the UK - they exist.

Get a revolut account. You can then have a euro and Stirling account that are linked and move the money when it suits you best. It’s utterly brilliant!

2 Likes

Except that revolut is not covered by financial compensation scheme, so perhaps not a place to put your life savings? Great for day to day living but I wouldn’t use it for savings.

1 Like

Is it not?? Blimey! That is good to know - I will start moving my millions to somewhere safer :slight_smile:
Seriously though, good point .

1 Like

My debit card was hacked by someone taking money from my debit card, to pay their debt to that Company…so I won’t be using them. But thank you for stimulating other ideas of where to store the money…we’re thinking of Money Corp…?

Revolute

1 Like