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BANK ACCOUNTS DENOMINATED IN FOREIGN CURRENCY (not FDIC-insured)
Holding deposit accounts denominated in foreign currency can offer investors several advantages. The most obvious advantage is if a person is domiciled, plans to visit extensively or conducts business in a different country the liquidity of holding funds in that country can greatly reduce transaction costs. A second advantage is that these deposit account can offer superior returns either by higher interest rates, through currency appreciation, or even both. A third advantage is that holding foreign denominated bank accounts is a way to diversify a portfolio internationally without having to endure the additional risk of the equity markets. Bank accounts denominated in a foreign currency are subject to currency fluctuations and deposits can lose value if the underlying currency depreciates versus the US dollar.
EVERBANK FOREIGN CURRENCIES AND CDS
The WorldCurrency CD yields listed below have a minimum deposit of $10,000 (US):
Australian Dollar 6-month CD 5.58% APY
Brazilian Real 3-month CD 6.40% APY
British Pound 1-year CD 3.29% APY
Canadian Dollar 3-month CD 1.00% APY
Czech Koruna 6-month CD 3.28% APY
Danish Krone 6-month CD 2.14% APY
Hong Kong Dollar 6-month CD 1.00% APY
Icelandic Krona 3-month CD 2.52% APY
Japanese Yen 1-year CD 0.00% APY
Mexican Peso 6-month CD 5.32% APY
New Zealand Dollar 6-month CD 6.22% APY
Norwegian Krone 6-month CD 4.39% APY
Singapore Dollar 6-month CD 0.00% APY
South African Rand 6-month CD 8.75% APY
Swedish Krona 1-year CD 3.25% APY
Swiss Franc 6-month CD 0.50% APY
Contact EverBank for more information.
Posted 8/13/08
