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Originally Posted by Rodney
I'm interested in buying certificates of deposit that are denominated in foreign currencies. Can you point me at some banks that offer these?
So far, the one outfit I can find that sells them is a web-based outfit called Everbank. I realize that there's a additional risk involved, but I'm interested. I was wondering if any other American banks offer foreign-denominated CDs. I keep hearing that Washington Mutual offers them, but calls to the local branches meet with nothing but confusion. Any advice on where to look? Everbank has a slight cheesey odor that bothers me.
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A thorough search of the website and a quick call to some contacts and the answer is no, Washington Mutual does not offer CoD's in foreign denominations.
I checked out Everbank's site and it says that everything is FDIC insured which is a must. What it didn't offer was a quick and dirty list of all the fees. I would call and request a Fee Schedule, Account Disclosure brochure, and a Truth in Savings brochure. These are federally mandated materials that every FDIC or NCUA insured bank should have. Take a look at the info and then decide if you think this is a worthwhile endeavor.
CoD rates are not bad right now and are climbing. For instance, I could put you in a CoD for thirteen months at 3.92% interest with 4.00% annual percentage yield - as most any nationally-ranked bank could. Will the dollar fall enough that having a CoD in Chinese Renminbi would prove the safer bet? I can't predict the future, but some serious shit would have to happen in thirteen months for that to take place.
Best of luck!