Reliable Savings Accounts, But With Better Rates

primuspaul | Jul 6, 2015 | 1 posts since 2015

I like to keep a somewhat large savings account balance and the 1% rate of online US banks is just not cutting it for me. Are there any good options overseas? I realize getting a savings account in a country like Russia is a bad idea because while the interest rate is very high, the currency tends to lose half of its value once in a while. What about in other places? I read Norway has some good rates and the currency is extremely reliable. How does this compare in terms of practicality, rates, and reliability vs. the FDIC-secured American way?

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Answers

me1004 | Jul 6, 2015 | 1,379 posts since 2010

Try Greece. :)

But seriously, if you are willing to put your money in a bank overseas, why not in some other place than a bank in the US that carries risk but offers a better return? Don't forget, you will not be getting FDIC insurance on your bank account overseas. If you are going to take that kind of risk, you have plenty of options here in the US, and while not FDIC insured, they would be under the legal protection of US laws rather than foreign laws. You also might find your money is not so liquid as you thought if you bank overseas -- you have to expect delays in sending money between countries. And just wait until you have to call customer service, and they don't speak English.

Shorebreak | Jul 7, 2015 | 4,039 posts since 2010

How about Venezuela? You can get 16.00% interest on a savings account. However, the inflation rate there is only 56.2%. Here are a few other places that may be of interested to you.
http://www.deposits.org/

MidAtlantic | Jul 7, 2015 | 142 posts since 2012

You will find it difficult to open an overseas account in a country where you are not resident. Additionally, if at any point during the year you have more than $10,000 in overseas accounts you have to file an annual report to the Treasury (commonly known as an FBAR). If you have substantially more, depending on your IRS filing status, you also have to file additional information on Form 8938 with your annual tax return.

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