Benefit from strengthening dollar with Cater Allen currency accounts

UK customers can take advantage of the strengthening of the Dollar relative to Sterling by opening a Cater Allen Private Bank Account in Dollars. Cater Allen allows customers to hold currency accounts in Euros, Dollars or Sterling - with a minimum balance of just £5000, €10000 or $10000.

On 15 July 2008, one pound sterling bought $2.0049 but on 15 August 2008 one pound would have purchased $1.8632.

The appreciation of the Dollar has meant that those with a currency holding in Dollar would have received a 7.6 per cent increase in the value of their deposits in Sterling terms over the past month. In addition, Cater Allen account holders can also earn interest on deposits in their dollar current account of up to 1.41 per cent AER.

Although currency volatility means that there is significant risk in holding money in other currencies, many economic commentators believe that the Dollar is likely to strengthen further against Sterling, due to recent poor economic data.

Although past performance of currency is no guide to future performance, account holders can make the choice of which currency they prefer to hold their cash on the basis of convenience and which currency they perceive to be most attractive. Cater Allen customers can easily switch between the different currency options available.

Sally Watts, Head of Marketing at Cater Allen, said: "Cater Allen is committed to offering international solutions and choice to its clients. Our multi-currency accounts are suitable not just for those working abroad, but for those who want the flexibility of holding their account in a specific currency.

"Moreover, Cater Allen clients benefit from the service that you would expect from a traditional private bank with dedicated account handlers. We believe in offering our customers the very best in service and choice."

Unlike most traditional private banks, Cater Allen offers more ‘inclusive' banking that requires a minimum cash deposit of just £5,000 (or $10,000), but offers access to the superior service associated with a private bank.