Earn Interest in GBP and USD, Not Just Euro

Meet Sofia (an illustrative persona, not a real customer). She's a project manager living in Lisbon, but her salary lands in her account in US dollars because she works for an American company. She's also saving for her daughter's tuition at a university in the UK, which she'll pay in pounds. For years, Sofia did the thing most people in her position do: she converted everything to euros, parked it in a low-rate account, and quietly lost money twice, once to the exchange desk and once to inflation.

If any part of that sounds familiar, this story is for you.

Key facts

• PickTheBank's savings platform (with Lidion Bank, Malta) offers fixed deposits in three currencies: up to 2.55% EUR, 3.80% USD, and 3.35% GBP.
• Terms typically run from about 3 months to 5 years.
• The USD and GBP rates are higher because US and UK central-bank rates are higher than the ECB's, not because those currencies are inherently "better."
• As of mid-2026: US federal funds target range 3.50%–3.75%, Bank of England base rate 3.75%, ECB deposit facility 2.25%.
• Deposits are protected by Malta's Depositor Compensation Scheme up to €100,000 per depositor — but compensation is paid in euro, converted at the ECB rate on the day it falls due (a nuance for non-euro savers; see below).
• Holding the currency you'll actually spend avoids conversion risk. Converting euros into dollars purely to chase 3.80% reintroduces that risk.

Who actually benefits from a GBP or USD deposit

The honest answer is: people who already think in dollars or pounds, or who will spend in them.

That includes remote workers and freelancers paid by US or UK clients; expats who moved to the eurozone but kept income, a pension, or property abroad; parents saving for tuition or a home purchase in the UK or US; and anyone with a known future bill in one of those currencies. For these people, a foreign-currency deposit isn't a bet on exchange rates. It's the opposite: it lets you keep money in the currency you earned it in and will spend it in, so the exchange rate simply never enters the equation.

Sofia is a clean example. Her income arrives in dollars and part of her savings will leave in pounds. If she converts to euros now and back later, she pays a spread each way and takes on the risk that rates move against her. If instead she holds a USD deposit for the dollar savings and a GBP deposit for the tuition fund, she earns interest in each currency and converts only what she genuinely needs, when she needs it.

You can compare live rates across our whole network on the maximum interest rates by country page, and open a multi-currency deposit through the PickTheBank savings platform.

Why USD and GBP rates are higher (and why that isn't a free lunch)

It's tempting to look at 3.80% on USD next to 2.55% on EUR and conclude dollars are the smarter place to be. That reasoning has a hole in it.

Deposit rates broadly track the central-bank rate for that currency. In mid-2026 the US Federal Reserve is holding its federal funds target range at 3.50%–3.75%, and the Bank of England's base rate sits at 3.75%. The European Central Bank's deposit facility rate is 2.25% — meaningfully lower. So a bank can pay more on dollars and pounds because it earns more on them. The higher headline rate is compensation for holding a different currency, not a bonus.

Here's the catch for a euro-based saver. If your life is denominated in euros — you earn, spend, and will retire in euros — then converting euros into dollars to capture 3.80% means you now carry EUR/USD exchange-rate risk for the whole term. If the dollar weakens against the euro over your deposit term by more than the roughly 1.25-point rate gap, you come out behind, even though the deposit "paid" more. The extra yield can be swallowed whole by an adverse currency move, plus you pay to convert in and back out.

So the rule of thumb is simple and worth repeating: choose the currency you'll spend, not the currency with the biggest number. A dollar earner holding dollars is removing risk. A euro saver reaching for dollars is adding it. Our short guide to currency risk on savings walks through the maths with worked examples.

Currency comparison

Currency	Platform rate up to	Why
USD	3.80%	Tracks the higher US Fed funds range (3.50%–3.75% in mid-2026)
GBP	3.35%	Tracks the Bank of England base rate (3.75% in mid-2026)
EUR	2.55%	Tracks the lower ECB deposit facility rate (2.25% in mid-2026)

Rates shown are the platform maximums and vary by term and market conditions; always check current figures before you commit.

How deposit protection works when your money isn't in euros

This is the detail most articles skip, and it matters.

Lidion Bank is based in Malta, so deposits are covered by Malta's Depositor Compensation Scheme. Coverage is up to €100,000 per depositor, in line with the EU-wide standard set by the Deposit Guarantee Schemes Directive (2014/49/EU), which applies across all 25 EU countries in our network.

The Maltese scheme, like others in the EU, covers deposits in all currencies without distinction — so a USD or GBP balance is protected, not just euro balances. But read the next part carefully: if a bank fails, compensation is paid in euro, and any foreign-currency balance is converted to euro at the ECB's official exchange rate on the day compensation falls due. The €100,000 ceiling is therefore a euro-equivalent ceiling.

Two practical consequences follow. First, if the euro value of your dollar or pound holding exceeds €100,000 at that moment, the excess isn't covered. Second, you'd receive euros in a compensation event, not the original currency, so the exact amount depends on the exchange rate on that future date — something no one can predict in advance. None of this makes the protection weak; it's the same robust framework that covers euro deposits. It just behaves slightly differently for non-euro balances, and you should size your deposits with that in mind. Because scheme details and conversion mechanics can change, treat this as a prompt to verify the current terms with the bank and the scheme directly. Our deposit protection overview covers the €100,000 rule per bank in more depth.

One onboarding, three currencies

The practical appeal of the platform is that you don't juggle three separate banking relationships to hold three currencies. You complete a single onboarding with Lidion Bank and can then open fixed deposits in EUR, USD, or GBP from the same account, choosing terms from roughly 3 months up to 5 years depending on the currency and product.

That means Sofia can keep her dollar salary earning in dollars, build her daughter's tuition fund in pounds, and hold a euro buffer for her day-to-day life in Lisbon — all in one place, with one login and one identity check. She converts between currencies only when she has a real reason to, not because her bank forces everything through the euro.

Honest constraints

A few things to keep in front of you. Fixed deposits lock your money for the term, so don't commit currency you might need at short notice. Rates move — the figures here are mid-2026 maximums and will change as central banks adjust. Foreign-currency deposits only remove risk if you'll actually spend that currency; otherwise you're taking on FX exposure, full stop. And the €100,000 protection is a euro-equivalent figure that could shift with exchange rates, so leave headroom rather than parking exactly at the limit.

This article is not financial or tax advice. Sofia is an illustrative persona, not a real person. Rates, terms, and protection details are accurate to the best of our knowledge as of July 2026 and can change — verify current figures with the provider before acting.

FAQ

Can I really earn interest in dollars or pounds from an EU platform? Yes. Through PickTheBank's savings platform with Lidion Bank (Malta), you can open fixed deposits denominated in USD or GBP as well as EUR, with platform rates up to 3.80% (USD) and 3.35% (GBP) in mid-2026.

Why is the USD rate higher than the EUR rate — is the dollar a better deal? Not inherently. Deposit rates track each currency's central-bank rate. US and UK base rates (3.50%–3.75% and 3.75%) are higher than the ECB's (2.25%), so dollar and sterling deposits pay more. If you're a euro saver, converting to dollars to chase that rate adds exchange-rate risk that can wipe out the extra yield.

Should I move my euro savings into USD to get 3.80%? Only if you'll spend dollars. Holding the currency you'll actually use avoids conversion risk. Converting euros to dollars and back purely for the higher rate exposes you to EUR/USD swings for the whole term, plus conversion costs both ways.

Is my foreign-currency deposit protected? Malta's Depositor Compensation Scheme covers deposits in all currencies up to €100,000 per depositor. However, compensation is paid in euro, converted at the ECB rate on the day it falls due, so the ceiling is a euro-equivalent. Verify current terms directly, and leave headroom below the limit.

What terms are available? Fixed-deposit terms typically range from about 3 months to 5 years, varying by currency and product. Longer terms usually lock in a rate for longer but reduce your flexibility.

Sources

• Federal Reserve — FOMC statement, June 17, 2026 (federal funds target range 3.50%–3.75%)
• Federal Reserve — H.15 Selected Interest Rates (effective federal funds rate)
• Uswitch — Bank of England base rate (3.75%, held June 18, 2026)
• EUR-Lex — Deposit Guarantee Schemes Directive 2014/49/EU
• Compensation Schemes Malta — Depositor FAQs (foreign-currency deposits paid in euro at ECB rate)
• PickTheBank — Maximum interest rates by country