saving in other currency for UK based folk

[steveo3002]

i noticed on my 212 trading app that Hungarian HUF was at 7% interest

guessing its not as easy as depositing HUF and taking the 7% vs 4.x% GBP

anyone looked into this?

[Jiebo]

It is as easy as that, but the problem is exchange risk. The HUF is weak right now against GBP, but it could get stronger, or GBP weaker, and very quickly wipe away your 2% rate gain, plus another 20%.

[dingg]

Huf a is as weak as piss v gbp you'd be out on the exchange rate more than the difference between the two applicable rates of interest...

No such thing as a free lunch