Thread: Best % saving acct?

I want to deposit $250K as a start - any "best" choice of banks when I come down in 3 weeks?

Depending on how long you want to invest the money for, credit unions offer more interest than a regular bank.

Over a 100k HSBC will give you 3-4 %, whilst a credit union can go as high as 7-8%

To go through the process of opening a bank account can be frustrating, if you are applying for residency it will help otherwise some banks will not open you an account as just a foreign investor.

Credit unions offer up to 3.75 % to 4 % on savings. HSBC and similar would pay 1 % or less. B/BB rated banks such as Banco Delta, Banvivienda and Banco Trasatlantico pay between 2 and 3.5 %.

Re: best Bank or Credit union for my 300k C.D

3 Year CDs (as required for the solvency visa type). BBB rated local bank about 4.5 %. A/A+ rated bank about 3.5 %. Credit unions between 5 and 7.75 %.

Ed, You quoted these amounts 2 weeks ago has that much changed since then?

He's asking about savings accounts.

I dunno if they are good bad or indifferent but when I was in Banco Azteca today they are showing 6% as their rate for CD's on the rate board near the cashier.

As far as I know, they are linked to the Elecktra stores and provide small scale credit at rip off rates to poor folk who need stuff.

Rik

My apologies.

You are correct

Are deposits insured?

Yes, that bank is probably the biggest failure in Panama banking history. Not sure exactly, but they were up to 400 employees and never had deposits over 15 million dollars. I would stay away unless the government of Mexico is covering the fiasco.

Originally Posted by PenoBrit

I dunno if they are good bad or indifferent but when I was in Banco Azteca today they are showing 6% as their rate for CD's on the rate board near the cashier.

As far as I know, they are linked to the Elecktra stores and provide small scale credit at rip off rates to poor folk who need stuff.

Rik

No, but if you have less than 10k you are more likely to get money back in case of a liquidation. After that they pay a variety of bills, then people with more money.

Originally Posted by SouthCentral

Are deposits insured?