What is the best bank account in the world?

FiscalFox

I was thinking laterally (not neccessarily sensibly) a minute ago. However, I wondered:

What bank/savings account pays the highest interest rate in the WORLD?

-Is there a hidden gem of a bank on the Afgan border that pays 12%? Do the Galapogas Islands, famed for their biodiversity, also harbour an account that offers a guaranteed 13% gross?

If such wonderful accounts could be found, abroad, what wise factors should I consider before moving my money into them?

Can it be done easily/is it risky?

dunstonh

What is the best bank account in the world?

The one in the Carlsberg advert looks pretty good ....probably

cheerfulcat

FiscalFox wrote:

I was thinking laterally (not neccessarily sensibly) a minute ago. However, I wondered:

What bank/savings account pays the highest interest rate in the WORLD?

-Is there a hidden gem of a bank on the Afgan border that pays 12%? Do the Galapogas Islands, famed for their biodiversity, also harbour an account that offers a guaranteed 13% gross?

If such wonderful accounts could be found, abroad, what wise factors should I consider before moving my money into them?

Can it be done easily/is it risky?

There are certainly countries with very high interest rates but you would be taking an enormous currency risk.

FiscalFox

cheerfulcat wrote:

There are certainly countries with very high interest rates but you would be taking an enormous currency risk.

Hi Cheerful Cat, would you be kind enough to elaborate?

-Is it because countries thtat offer good interests rates are also unstable (in which case, could Australia/USA offer a good rate?)

-Or is it because the value of our currency may alter drastically in relation to another country and ive have problems converting my rupees back into pound sterling?

-None of the above (i'm not yet well learned on the principals of international money transfer though aiming to improve bit by bit!)

gizmoleeds

FiscalFox wrote:

-Or is it because the value of our currency may alter drastically in relation to another country and ive have problems converting my rupees back into pound sterling?

Yes - that is it.

In 2001 if you had put £100,000 into a US bank you would have gotten $143,000

$143,000 today would be worth just £77,700 :eek:

Or course that does not include interest but once you factor in the commission on the exchange you can see how even a major world-benchmark currency like the dollar can fluctuate by a huge amount in comparison to pounds.

al_yrpal

I had a Nigerian guy e-mail me that might be able to help you.....

cheerfulcat

FiscalFox wrote:

-Or is it because the value of our currency may alter drastically in relation to another country and ive have problems converting my rupees back into pound sterling?

Yes, it's the risk that exchange rates will move against you.

super_mario_4

al_yrpal wrote:

I had a Nigerian guy e-mail me that might be able to help you.....

ha ha! he emailed me as well, he seemed ever such a nice man! :rotfl:

manhattan

yeah,i know him too!

i just sent him £40k to change for me.im just waiting to hear back from my nigerian friend,its been over a week now?

bbruce

Give him your account number and PIN number and he'll pay it in for you!!

FiscalFox

http://www.419eater.com/