High-interest offshore savings: how we can help

Putting money aside for a holiday home — at a great savings rate

The situation: saving for a holiday home

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With the last of their children at university, John and Sue decided to downsize the family home for something smaller. With the equity that was released, they planned to buy a holiday home in France.

"We'd chosen France, but there was still so much to decide: what type of house, where to buy, how much to spend… We didn't want to rush so we needed somewhere safe to put our money in the meantime," recalls Sue.

What they needed: secure savings and a guaranteed return

Because John and Sue knew what they wanted to spend the money on, it was important that their savings were guaranteed. They wanted to know that, when the time came, they would have enough money to buy their dream holiday home.

"We didn't want to gamble in the hope of a higher interest rate or a bigger profit," says John, "but we didn't want our money sitting idle either — the more interest we could guarantee, the bigger our budget for house hunting."

When John and Sue approached Lloyds TSB International, we recommended the Fixed Term Deposit. They could commit to saving a fixed amount of money for a set period of time — and the size of their deposit meant we could offer a very competitive fixed interest rate.

"Knowing how much we'd receive at the end of the term meant we could shop around for houses well in advance," says Sue.

Ongoing help: advice on overseas finance

Lloyds TSB International talked Sue and John through the best way of converting their money to euros, and helped them through the process of buying their holiday home.

"When you buy abroad there's a lot to think about: mortgages, travel insurance, house insurance, the legal process… The Lloyds TSB International team were there to advise us whenever we needed help," says Sue.

Other services: a robust international mortgage

John and Sue bought their holiday home with a sizeable deposit, and covered the rest of the cost with a Lloyds TSB International Mortgage. They also set up an International Account to use for spending money abroad.

The people and their circumstances portrayed in this case study are for illustrative purposes only.